Skip to main content

Full text of "Financial Times , 1987, UK, English"

See other formats


v: * v-- " . - . 


Property Matters to 


( “i ^ w 1 


London: City A Vfet EixJ, Steftdd. EtOnburtf.. Ctafitwr 

'fofonte AaioQ«cdofltei d irouthout LcSA. -- on Ojt 1 

Tel* 01-353 6851 Telex 25916 Na 30 ’ 341 


M 


MS-^- 


^^^jBflROPES BUSINESS NEWSPAPER 

SaEuf3ay September 19 / Sunday September 20 1987 


D 8523 A 


WIPAC 


Parts for your car 


1 

IuF 


1 > ] 

1 * J 

nTj 

HTuj 

lLj 




INF talks prepare 

S2E2? way for Reagan and 
Essays Gorbachev to meet 

ties group SAW Berisford to the 
Pritzker family of Chicago for 

£100m. 


Plan for Rover 
sell-off before 
next election 


BY STEWART FLEMING AND ROBERT MAUTHNER M WASWNGTON 



Th- ^ US AND SOVIET negotiators [else] in my life I have waited 

deal .ntro. the end of paved the way towards an sin years for.* 

™<£f in n°" Wstorie arms control agreement Mr Shultz, asked if the agree- 
nopwy over the UK sugar refin- that would eliminate medium- ment assured a new era ofbet- 
^ l^Ktry and introduces the range nuclear missiles through- ter US-Soviet relations and the 

ty* out the world. President Ronald Reagan Administration’s ver- 
Reagan announced yesterday. sion of 'detente,* said: 1 would t 

line Braxnff and US industrial inaddition, he disclosed that want to put a label on it— I think 
2Szf?3 g ~ mpan y Marm on - to Mr George Shultz, his Secretary there is a distinct difference be- 
» £«L S a 5gP£r . immunity. Q f state, and Mr Eduard Shev- tween what is going on now and 
Rack. Page; Frame, Page 8 ard nadze, the Soviet Foreign what was taking place lO or lb 

EQUITIES continued to rise in' Jp®**** w *»° bee “ a* 

London on news of better-than- m Washington for the Mr .^^J^SSL 


agan’s commitment to the stra- 
tegic defence initiative (the 
so-called Star Wars system) and 
efforts to reach an agreement 
on strategic long-range nuclear 
missiles. 

Mr Shevardnadze disputed Mr j 
Shultz's contention that that! 
had also been an area where! 
progress had been made. Mr 
Shultz said both sides had 


i.” agreed on the concept of a non- 

ultz played down the withdrawal period from the key 


SSd SiSnSnriStiSSS P^Siree d^Twere to meet threat to UMavM relations M72 Anti-Bailistic Missile Trea- 
AnancLThe FT Ordinarv intW again in Moscow in a monthto from the shooting of an Amen- ty. 

SS”2L2 to do®e prepare the ground for a third can soldier in East Germany But there was no sign that the 

gaincu -a-d to Close at L835LZ, a. mee ^ ng between the this week. He said it was “Unac- US had moved in its determina- 

president and Mr Mikhail Gor- eeptable behaviour* that had tion to reinterpret the ABM ! 


FT Index 

Ordbiaiy Share 
■*840 Hourly mommants I 
Odmdosa 



bachev, the Soviet leader. been taken up with Mr Shevard- treaty to facilitate the develop- j 

Making a rare appearance be- nadze, who had offered apolo- ment of SDI or that Moscow had 
fore the American press at the gfes. dropped its demand that prog- 

White House yesterday, Mr Re- White House officials will be ress on strategic missiles must 
agan, surrounded by his arms Jubilant at the progress of the be linked to the abandonment 
control negotiating team, said: week’s negotiations, for they of the US’s ambitious plans to 
1am pleased to note that agree- had seen the prospect of an test, develop and deploy SDL 
meat in principle was reached agreement on intermediate nit- A note of further disharmony 
to conclude an INF treaty.” clear forces as a new way to was struck by the announre- 
Mr Shultz mid the summit help Mr Reagan shake off the ment from Mr Caspar Weinber- 
meeting would be in Washing- damage to his political prestige gar’s Defence Department thatit 


late nit- A note of further disharmony 
way to was struck by the ann ounce- 
off the ment from Mr Caspar Weinber- 


tbe end of November. But a high-profile a 

joint statement did not mention year in office. 

the venue. The exact dates re- Both sides welcomed the SDI development, 
mained to be determined. progress on INF. Mir Shevard- The proposed treaty on INF 

Ignoring questions about why nadze said: *We and our Ameri-. would be the first agreement 
the president, who once de- can partner have every condfld- between the superpowers in- 
scribed the Soviet Union as an enee that the [INF] treaty will „ _ __ 


last would accelerate testing of the 
lar. Star Wars programme, a move 
last that came a day after the s«»Bato 
had signalled its desire to curb 
the SDI development 
w?- The proposed treaty on INF 















aH-timo high 


rise of 69.4 on the week. The 
FT-SE 100 Index ended np Z&B 
at 2£2&2, a gain on the week of 
871 Stack markets. Page 12 


NEXT, UK retail clothing chain, 
is raising almost £10Qm through 
an innovative convertible Euro- 
bond designed to solve the issue 
of pre-emptive rights. Back Page 


"evil em; 
to cone 


,* was now prepared be signed before the end of the 


an arms control 


ent and was 'deaf to 


Even so, there was evi- 
of continuing friction on 


Continued on Back Page 
reaction. 

Page 2; A deal that cannot hide 


THE GOVERNMENT has told 
Rover Group; the state-owned 
vehicle manufacturer, to pro- 
duce detailed plans for its pri- 
vatisation by next year, which 
could be implemented "within 
the lifetime of the present par- 
liament” 

Lord Young the Secretary for 
Trade and Industry, said yester- 
day that Mr Graham Day, chair- 
man of Rover, believed such a 
programme was realistic. "I 
back his judgment,” he said. 

Speaking at the Longbridge 
car assembly plant in Birmingh- 
am while on a visit to Rover’s 
Midlands operations, Lord 
Young said be wanted to see the 
Mwwpawy returned to individual 
shareholders. Such a change 
would depend on its progress, 
Its profitability and market 
share. Those details were at the 
heart of the information he re- 
quired from Mr Day, on which 
the Government could base a 
decision. 

Rover had been asked for its 
detailed privatisation propos- 
als "within the course of next 
year* as an exercise separate 
from the normal five-year cor- 
porate plan, which should be 
submitted to the Government 
towards the end of this year. 

Taking an optimistic view of 
Rover’s prospects, Lord Young 
pointed to the turnaround that 
had been achieved at compa- 
nies such as Rolls-Royce and 
Jaguar. He made light of the 


^possible implications for foe 
taxpayer of the disposal of Ro- 
ver to individual shareholders 
rather than to an independent 
third parly. 

The Government has already 
committed £2JHm in equity In- 
vestment to the company and 
would probably have to reduce- 
substantially its £lbn of out- 
standing debt to make the busi- 
ness attractive to private inves- 
tors. It injected £680m of cash ini 
December to pay off some of the! 
■debts involved in the divest- 
ment of the Ley land Commer- 
cial Vehicles and Boa 
operations. 

Pressed on the question of the 
taxpayers’ contribution, Lord 
Young said he did not suppose 
the Government would get a re- 
turn for its money. 

His visit to Longbridge coin- 
cided with an unofficial walk- 
out by 150 workers which start- 
ed on Thursday and baited as- 
sembly of the Rover 200 modeL 
Yet he spoke highly of the prog- 
ress made at Austin Rover in re- 
cent months, particularly on 
quality and sales. 

He hoped that in a few years* 
time, Austin Rover would be a 
prosperous company. 

The 150 workers on final trim 
and assembly at Longbridge 
walked out in protest at the 
threatened sacking of two work- 
ers for irregularities in time- 
keeping. 



The cut treasures qf Mr Five Per 
j cent. 

Page I 


criticism, Mr Reagan the more important arms con- *8* divisions; Editorial cam- 


retorted: 1 don’t know any thing trol issues relating to Mr Re- 


meat, Paged 


JAPAN’S economic growth O 

W&XAUTiSS d BY PHILIP STEPHBB.ECONOI 
rising t2 per cent The figures NEWS OF A slowdown in the 


Slowdown in bank credit 
growth aids UK economy 


Building societies’ share 
of new mortgages falls 


indicate some success in the I growth of bank eredit capped a 
Government’s move to curtail I week of f av our able indicators 


BY PHUJPSTEPHBIS,ECONOIDCS CORRESPONDENT 

!WS OF A slowdown in the initial suggestions that it might corned _ yesterday’s figures. 


lead to an early fell in interest g r o wth in lending and in the 


exports and accelerate imports 

BaekffcEB- 

US PRESIDENT Ronald Reagan 


rates were dismissed. 


broad measure of the money 


British Coal has made a video to 
be shown to miners to try to dis- 
suade them from supportinglhe. 
National Union of Mmework- 
ere 1 overtime ban. Page 5 


is to lose. the of Piis lending by the hanks to industry 

Council of Economic Advisers, and consumers tota lled , tibn in 
with the resignation of DrBeryl August, down from tile record 
Sprinkel who leaves at the end £49bn the previous month, 
of November: BackPage . The latest figure was well be- 

low most market forecasts and 
nn.i. SAMUEL, UK merchant! was followed by a n i mme di a te 
bank, again denied continuing rise in equity and government 


I for Britain’s economy y e s terday This week, official figures supply, starling MS, is tax from | 
and- prompted strong gains on showing a surge in manufacture subdued. Over the last six 
r.ntMirm’w flnawHal imAb u. ing output, » Awp foil in nnem. months, bank lending has risen | 

The Bank at England, said ployment and buoyant retail by an average £3bn a month, 
sliding by the banks to industry sales have underlined the re- while a L5 per cent rise in ster- 
ad consumers totalled. £2bn in cent acceleration in economic ling M3 during August took Its 
ngust, down from the record growth. The expectation now is annual growth rate over 22 per 
L9bn the previous month. that the economy will expand cent. 

Th» latest egnre mis »eU te; to atoirt 4 per remtjn IBOT.pttt. jh* ^ o* ^retention in 


rumours that it was negotiating bond 
with a bidder to sell parts of its tmne 
business. Page 8 


Sterling also con- 
against a weakeh- 


wnningxare lik^to^mwiade 

has also given a boost to govern- S«StloSS5nf 

wJSSflS the riock exchange yester- 




LONDON International Group, 
world’s leading condom maker, 
is : baying HATU-ICO, Italian 
condom, health and personal 
care goods maker, for LlOSbn 
(£47Jhn). Page ft 

mUHKKJN, French tyre group, 
saw interim net profits rise 38 
per cent to FFrL27ba (£327m). 
Anneal profits of at least 
FFtiLSbn are expected. Page lft 

ADELAID E STEAMSHIP, Aus-’i 
tralian conglomerate, reported 
net earnings np 43:6 per cent at 
l a record Aftl6&3m (£75m) andj 
said it intended to continue ac- 
cumulating shares in Britain’s 
Royal Insurance. Page 16 

ROYAL Dutch Shell grottp is 
-joining Montedison’s energy off- 
shoot Seim in a venture control- 
ling petrol station outlets in Iter 
ty.Pagelft 

PILLSBURY, US foods and res- 
taurants group, boosted first 
quarter earnings 19 per cent to 
$S&8m(£34.3m). Page lft 

PREMIER BRANDS bought 
The FBI said it has asked New ! three food companies in a £30m 

deal aimed at paving the way 
for the UK food group to join 
the Stock Exchange- Page 4 



BY HUGO BOON 

; BUILDING SOCIETIES proba- 
bly account for less than half 
the net new-mortgage lending 
in Britain, a psychological blow 
to an industry which till now 
had been seen as the natural 
place to seek home loans. 

As a consequence of this 
change in fortune the Building 
Societies Association, the in- 
dustry’s trade body, mis week 
made a formal submission to 
the Government. 

It is seeking more freedom in 
the way societies can raise 
fluids from the wholesale finan- 
cial markets, as distinct from in- 
dividual investors. These funds 
would be used to finance more 
home loans. 

Last year societies accounted 
for 74 per cent of net new mort- 
gage lending. However, In this 
first quarter their market share 
fell to 80 per cent Further, fig- 
ures issued yesterday by the as- 
sociation and the Committee of 
London and Scottish Bankers 
suggest that In July and August 
their share was less than 50 per 
cent 


One reason for the decline 
has been the Government’s pri- 
vatisation programme. Ibis 
swallowed up a large propor- 
tion of retail saving, making it 
impoteible for societies to ruse 
sufficient fluids from small in- 
vestors to finance mortgage de- 
mand. 

Societies have been unable to 
fill the gap' by borrowing on 
wholesale financial markets, 
because last year’s Building So- 
cieties Act prevents their rais- 
jing more than 20 per cent of 
(their fluids in this way. Many 
■are near the limit and the asso- 
ciation wants it increased to 30 
I per cent 

! Banks and specialist mort- 
|gage lenders are not subject to 
(similar restrictions and have 
’been able to undercut societies 
and build market share. 

, The Building Societies Com- 
; mission, the industry’s regulato- 
ry body, which this year was 
I hostile to the idea of raising the 
(limit, is now believed to be 
Continued on Back Page 
Societies plan merger, Page 4 


FINANCE 

Bonce c o n tent s insurance with no- 
dam reductions. 

Page VIII 


TRAVEL 

Safari through the French Alp*. 

Page X 


HampstedeFs enduring popularity. 

Page XII 


The new season starts. 


PageXVU 


DIVERSIONS 

The World Wilderness Congress 
meets in Denver, Colorado. 

Page XVm 


HOWTO SPEND IT 

... on needlework. 

Page XIX 


GOLF 

The Ryder Cup. 
Page XXH 


Two top BhS executives quit as 
Storehouse unveils shake-up 




LONDON MONEY 


Fed Funds 6£g% 
3-month Treasury BilbB 
yield: 6 l61% 

Long Bond: S8^c . 
yield: 9.57% 


INDICES 


lift? ( f?,' 


iwm 





rrvA.H 


ITh * ' rTw hT ifl 


BY USA WOOD 

TWO TOP EXECUTIVES of 
BhS, the former British Home 
Stores group merged in January 
last year with Sir Terence Con- 
ran’s Habitat Mothercare ch ai n 
to fonn Storehouse, have quit 
The resignations of Mr Denis 
Cassidy, deputy chairman of 
Storehouse and chief executive 
of BhS, and Mr Cotin Williams, 
assistant managing director of 
BhS, were announced yesterday 
as Sir Terence unveiled a radi- 
cal overhaul of senior manage- 
ment . 

This includes a search out- 
side for the new post of manag- 
ing director, which many had 
expected Mr Cassidy to fllL 
The move comes as MOnn- 
tleigh, the property group 
which said five weeks ago it was 
'considering the possibility of 
making an offer" for Storehouse, 
faces increasing pressure from . 
the Takeover Panel to declare 
its intentions. 

Until now; Sir Terence has in- 
effect combined the roles of 
chairman and managing direc- 
tor. 


In addition to the division of 
the two top jobs, a number of 
new appointments are to be 
made. The a™, Storehouse 
said, was to provide "flnther ex- 
change of manag pnwnt Skills 
and personal development.* 

Mr Geoff Bevy; chief execu- 
tive of Habitat UK, the flunish- 
ing arm, is to become chief ex- 
ecutive of BhS, which has, fared 
difficulties in its re- positioning 
in the marketplace. He joins the 
Storehouse board. Mr Francis 
Lister, joint assistant managing 
director of BhS, will become 
BhS chairman. 

Mr Kevyn Jones, already a di- 
rector of Storehouse, will be 
Axil-time <*Kairitian and manag- 
ing director of Mothercare, the 
mother ami rfiiM outfitting 
ehainL Mr Ray Nethercott, chief 
executive of Richards, the wom- 
enswear stores division which 
is one of the most successful 
parts of the group, will become 
chief executive of Habitat UK 

A shake-up of the senior man- 
agement at Store house _had 
been expreted since the merger 


with British Home Stores. 

Sir Terence said the changes 
had “nothing to do with rumours 
of bids. It is something that bus 
been planned for months. 

,* For some time, we have con- 
sidered whether Denis Cassidv 
should be managing director of 
the group and Denis bad an ex- 
pectation that he would. When, 
we decided we should go out- 
side for a candidate, he was 
very disappointed and decided^ 
he should resign.* Sir Terence, 

, 55, said he intended to retire at 1 
1 60 and in looking for a new man- 
aging director and possible suc- 
cessor, he wanted somebody in 
his or her early to mid 40&He 
was allowing six months for the 
appointment to be made. The 
changes were seen in the City as 1 

reducing the likelihood o^any 
bid for the group, in which sev- 
eral large retailers have shares. 
As a result the Storehouse 
share price, boosted recently by 
the bid rumours, fall 12p to 


Appatetnents, Page 9; 
Lex, Back Page 


Aiatrfc &*22; 'fatal* MnOUD;. Pai red * fX£Q;Ba!0iat BFrtt; Cauda CSLDCfe Owns 
K0.75; Dewnafc 0Ki9J»; Eaffft ££225; FWrel RnW^Of France FFrfcJO; Germmf DM2JQ; 
SmSThU MmOgm-tmst NS3igrt*yUM0g 

Jure Y600; Jonfan FlhAOfc »redt FHt500f L*mr$U25j L*"**^*? 

Rtott 3f Medea PM300; Hama UUft fetter! mis TOMi 

Pttgfclfettwl Efciot SJuanrn teMaan Stelft Spam PUIS; **.£&£•** 


"•■niii'iii'iiiii* 



The Creditanstalt Ryan Index 
US. Treasury fund 
has a $1,000,000 
minimum investment. 

Here’s why it’s worth it: 


For die seven years ending 
31 December 1986 die Ryan 

Indoc ouiperfonned 6-moi^ 
LIBOR at an annualized rate of 
211 basis points. That in dud es 
three years during which the 
bond market underperformed 


CUMULATIVE TOTAL RETURN 
NKM986 mO-1986 



1 

H 



























2 




moncM Ti»«s SOTrtw S«pambsr 1! lsp ..;p 


OVERSEAS NEWS 


JOINT COMMUNIQUE AND SOVIET STATEMENT ON ARMS ACCORD 


Technical issues remain 


before treaty is drafted 


Tasssays 
talks useful, 
thorough 


French silent amid wide welcome 


BY OUR FOREIGN STAFF 


THE FOLLOWING is the text 
of the US-Soviet joint state- 
ment released by the White 
House yesterday: 

Secretary of State Shultz and 
Foreign Minister Shevardnadze 
have completed three days of 
thorough and useful discussions 
on all aspects of the relation- 
ship between the two countries. 

The Secretary and the 
Foreign Minister reviewed the 
full spectrum of questions re- 
garding nuclear, conventional 
and chemical weapons arms 
control. In particular, the two 
ministers, together with their 
advisers, conducted intensive 
negotiations on the question of 
intermediate-range and shorter- 
range missiles. This resulted in 
agreement in principle to con- 
clude a treaty. 

The Geneva delegations of 
both sides have been instructed 
to work intensively to resolve 
re mainin g technical issues and 
promptly to complete a draft 
treaty text 


The Secretary and the 
Foreign Minister agreed that a 
similarly -intensive effort 
should be made to achieve a 
treaty on 50 per cent reductions 
in strategic offensive arms with- 
in the framework of the Geneva 
Nuclear and Space Talks. 

Having discussed questions re- 
lated to nuclear testing, the two 
sides agreed to begin before 
December L 1987, full-scale 
stage-by-stage negotiations 
which will be conducted in a 
single forum. They approved a 
separate statement on this sub- 
ject 

The Secretary and the Foreign 
Minister also discussed regional 
issues. 

The two sides discussed a 
broad range of issues concern- 
ing bilateral relations. A work 
programme was agreed to be im- 
plemented in 1987-88, designed 
to -intensify joint efforts in 
various areas of US-Soviet co- 
operation. 

A constructive discussion of 


human rights issues and humani- 
tarian questions took place. 


Secretary Shultz and Foreign 
Minister Shevardnadze agreed 
that an additional meeting is 
needed to review the results of 
the work in all of these areas, 
including the efforts of the dele- 
gations in the Geneva Nuclear 
and Space Talks. They agreed 
that this meeting would take 
place in Moscow in the second 
half of October. 


bn order to sign a treaty 
on intermediate-range and 
shorter-Tange missiles and to 
cover the full range of issues 
in the relationship between the 
two countries, a summit be- 
tween President Reagan and 
General Secretary Gorbachev 
will take place. 


The s ummit will be held in 
the fall of 1987. with exact 
dates to be determined during 
the talks between the Secretary 
of State and the Foreign Min- 
ister in Moscow in October. 


Reagan offers congratulations 


The following Is the full 
text of President Reagan's 
brief announcement yester- 
day about the results of the 
US-Soviet talks: 

** Secretary Shultz has re- 
ported to me on the results of 
his talks with Foreign Minis- 
ter Shevardnadze. 

As you know the talks 
covered arms reductions, 
regional conducts, human 
rights and bilateral relations. 


Although we have serious 
differences in many areas, the 
tone of the talks was frank, 
constructive and notable pro- 
gress was made. 

Secretary Sbultz and For- 
eign Minister Shevardnadze 
have issued a joint statement 
which I believe you an have. 

I am pleased to note that 
agreement in principle was 
reached to conclude an INF 
treaty. 


They will meet again in 
Mobcow next month to con- 
tinue their efforts to work 
out the details of a summit 
between me and General 
Secretary Gorbachev later this 
faff. 

I want to congratulate 
Secretary Shultz and Foreign 
unnhtpr Shevardnadze and 
their delegations for their 
outstanding efforts over the 
past three days.” 


THE OFFICIAL Soviet news 
agency Tass reported on its 
English language service: 
“ President Ronald Reagan of 
the US has just announced that 
agreement had been readied to 
hold a Sovfet-American summit 
before the end of this year and 
that an accord on the global 
elimination of Soviet and 
American medium-range and 
shorter-range missiles would be 
signed at it.” 

In a break from traditional 
practice, Tass issued a slightly 
different report on its Russian- 
language service. 

It said: “US President 
Reagan announced today that 
agreement in principle had 
been readied to eliminate 
medium-range missiles. 

M The agreement he said, 
will be signed at his meeting 
with General Secretary of the 
Central Committee of the Com- 
munist Party of the Soviet 
Uaion Mikhail Gorbachev this 
year,” the agency said. 

The Soviet newsm edia gave 
minim al coverage to the talks, 
reporting an agreement to 
begin full-scale negotiations on 
nuclear testing before Decem- 
ber 1, but keeping silent about 
progress toward a pact banning 
superpower medium-range 
arms. Tass said Mr Shevard- 
nadze and Mr Shultz would meet 
in Moscow in the second half 
of October to review the results 
of work in a wide range of 
areas, including the Soviet-US 
arms talk in Geneva and to dis- 
cuss the Gorbachev-Reagan 
summit in the autumn. 

Tass described Mr Shevard- 
nadze’s talks in Washington as 
“useful and thorough.” saying 
they bad covered all areas of 
relations 


THE DECISION by the US and 
the Soviet Union to go ahead 
with & treaty abolishing 
medium-range nuclear missiles 
was yesterday widely welcomed 
in Europe and elsewhere, 
though the French Government 
refused any immediate com- 
ment on a deal which It be- 
lieves may weaken the West’s 
deterrent. 

Speaking at the Brussels 
headquarters of the western 
alliance, a Nato spokesman ex- 
pressed the hope that the US- 
Soviet treaty would be “ the be- 
ginning of a process in which 
we can live at a much lower 
level of armaments with the 
same security.” 

Two of Western Europe s big- 
gest powers, Britain and West 
Germany, echoed this welco me. 
Sir Geoffrey Howe, the UK 
Foreign Secretary, said if an 
agreement were signed it would 
be a “profound development 
in East-West relations and a 
"formidable achievement” for 
Nato. 

He could not say when cruise 
missiles might be removed from 
Britain, but he hoped the agree- 
ment on Intermediate Nuclear 
Forces (INF) could be “ signed, 
sealed and delivered” by the 
end of this year. 

Mr Helmut Kohl, the West 
German Chancellor, welcomed 
the missile breakthrough and 
un derlined Bonn’s part in help- 
ing bring it about Doth by stick- 
ing to the original Nato decision 
to make a counter-deployment 

of medium-range missiles and 
by agreeing last month to scrap 
its remaining Pershing-IA mis- 
siles. 

Inside the Bonn coaliton, the 
US-Soviet accord was seen as 
vindication for Mr Hans- 
Dietrich Genscher, the Foreign 
Minis ter, who came out strongly 
in favour of medium-range mis- 
sile disarmament earlier .this 
year in the face of opposition 



Eduard Shevardnadze (left) and George Shultz on the- last day of their talk* 


from conservatives in the 
government. . _ _ 

The only exception to the 
general European welcome for 
the Washington accord was the 
silence from the French 
Government, Paris has never 
concealed its dislike for the 
double-zero option eliminating 
niss fles in Europe with ranges 
between 500km and 5,000km. It 
has considered this a significant, 
weakening of toe Western 
nuclear deterrent, and at least 
a symbolic threat to toe im- 
munity of toe French nuclear 
arsenal in toe future. 

Some French officials have 
been dismayed at the way in 
which the British Prime Minis- 
ter Mrs Margaret Thatcher fell 
in with toe double-zero option 
earlier this year, and at subse- 
quent German concessions. 
They riaim to believe that a 
united front between France, 
Britain and West Germany 
could have prevented the agree- 


ment • 

The timing of an INF accord 
could face the Dutch Govern- 
ment with an awkward dilemma. 
On the one hand, it yesterday 
welcomed the a greem ent-in- 
principle as of “historical sig- 
nificance that a whole category 
of nuclear weapons would be 
eliminated” and noted with 
satisfaction the simultaneous 
progress on strategic weapons 
and nuclear testing. 

The Dutch may still have to 
deploy toe 48 medium-range 
cruise missiles they have pro- 
mised to take if toe US Senate 
fails to ratify an INF treaty 
before the end of 1988. This 
is the deployment deadline the 
Dutch have set themselves, 
having twice already postponed 
toe decision to aQow cruise 
deployment on their soiL The 
Netherlands is the last of those 
European Nato countries, which 
said they would accept medium- 
range US missiles, actually to 


EC urged to decide 


steel quota future 


BY NICK GARNETT AND WILLIAM DAWKINS 


THE EUROPEAN Commission 
yesterday called on member- 
states to agree at a meeting o£ 
Industry Ministers on Monday 
on how long to keep in place the 
EC’s steel quota system. 

Mr Karl-Heinz Narjes. the 
European Industry Commis- 
sioner. said a quick accord on 
the future duration of the seven- 
year-old system of output con- 
trols was essential to Brussels' 
attempts to rid toe steel in- 
dustry of its 30m tonnes of 
jvercapacity. 

The ministers are to meet in 
Brussels to debate a complex 
md controversial commission 
paper to stimulate production 
cuts and contribute to social 
costs. Mr Narjes said the core 
>f the plan was a system for 
companies making closures to 
be able to sell EC quotas at 
favourable rates, but prices 
could only be fixed if the life 
of the quotas could he agreed. 

The UK is the only member- 
state not to accept the commis- 
sion's suggestion for a three- 
year extension for quotas on hot 
rolled coil, cold rolled sheet, 
plate and heavy sections. Those 


would be conditional on steel 
producers coming forward by 
November 30 with preliminary 
closure plans. 

Britain would prefer an 
immediate return to a free 
market, but while sceptical 
about keeping quotas is still 
open to persuasion. 

Brussels has also proposed 
to remove quotas for wire rod 
and merchant bars at the end 
of the year, but is ready to 
abandon controls on all produc- 
tion if toe industry does not 
produce adequate capacity- 
cutting plans. 

The commission’s latest steel 
plans have been circulating 
within the industry since July 
and have already met wide- 
spread criticism from producers, 
steel users and from some 
governments already embroiled 
in cutting their own capacity. 

One controversial part of the 
scheme is a production levy to 
be charged on steel covered by 
■quotas to contribute to closure 
costs. 

This could raise Ecu 600m. 
according to commission esti- 
mates, 


EC Commission faces 


farm budget cash crisis 


BY QUENTIN PEEL IN BRUSSELS 


THE European Commission has 
virtually exhausted its entire 
farm budget of Ecu 23bn 
(£16.1bn) for toe current year, 
and advance payments to the 
member states have already be- 
gun to be cut. 

Only Ecu 800m is available 
for the last three months of the 
year to finance the heavy cost of 
crop purchases at guaranteed 
prices, and their eventual export 
subsidies, according to Commis- 
sion officials. 

The cash crisis comes just as 
EC Budget Ministers are locked 
in yet another abortive effort to 
agree on spending cuts for next 
year, with a real prospect that 
they will fail to agree on any 
budget at all. They broke up 
yesterday at dawn with no 
agreement on at least nine 
different proopsals to solve the 
problem. 

On Thursday, the European 


Commission authorised the last 
major advance payment of Ecu 
L7bn for farm spending, a 
figure already understood to be 
considerably less than what toe 
member states had asked for. 

Complete exhaustion of the 
budget is forecast for the end 
of October, and most member 
states are suspected of inflating 
their demands in advance of 
that date. 


The European Commission 
still lacks a legal base for cut- 
ting back on payments, because 
a proposal to switch from a 
system of making farm pay- 
ments in advance — as at present 
—to making them in arrears is 
still held up in toe European 
Parliament. 

The budget committee of toe 
Par liam ent failed to agree on 


the move this week, effectively 
legal 


blocking it for lack of a 
opinion. 


Hungarian 
PM ‘seeks 


dialogue’ 


By Leslie CoIKt in Budapest 


MR CAROLY GROSZ, Hun- 
gary’s new Prime Minister, 
yesterday signalled a readi- 
ness to enter into a “dia- 
logue” with the opposition 
over Its criticism of the 
leadership's policies, as he 
faces growing political dis- 
affection ever the govern- 
ment’s economic austerity 
programme. 

In one of the rare Inter- 
national news conferences 
held by an East European 
leader, Mr Grosz acknow- 
ledged that he had received 
an “open letter to parlia- 
ment ” sent this week by 100 
Hungarians. 

It called on deputies 
assembled in Budapest to 
demand parliamentary con- 
trol of the government, free- 
dom of the press, and a 
guarantee of human rights. 

Mr Grosz startled some 
Hungarians in the audience 
by noting that everyone had 
a right to present views 
different from ours. They 
are not our enemies." The 
opposition he said merely 
called attention to political 
and economic problems in a 
“ different way.” 

The leadership would heed 
such oppwVig views when 
they were offered in a con- 
structive way. 

The Prime Minister, how- 
ever, sharply rejected toe 
opinions of “hostile people” 
who failed to abide by the 
law and sought “alternatives 
alien to this government.” 

Mr Grosz was referring to 
activists, dissidents who num- 
ber only a few dozen, persons 
in Hungary. The hard-core 
political dissidents, however, 
recently linked up with a 
broader group of critical 
intellectuals who are clamour- 
ing for radical changes in the 
communist, political and 
economic system. 

He suggested a form of 
parliamentary “control 
activity ” over the govern- 
ment while refusing to give 
details. His remarks were in 
stark contrast with the 
“ unanimous " vote by parlia- 
ment on Thursday over the 
Government’s unpopular 
emergency economic pro- 
gramme. 


Le Pen defiant over anti-semitism charge 


BY IAN DAVIDSON IN PARIS 


IF Mr Jean-Marie Le Fen, 
leader of toe ultra-right 
National Front Party, had deli- 
berately planned to dominate 
media interest throughout this 
week, to the point of even 
drowning out the annual 
budget presented by Mr 
Edouard Balidur, the Minister 
of Finance, he brilliantly 
succeeded. 

But it is clear, from the 
angry defiance of his press con- 
ference yesterday that he now 
bitterly regrets the careless 
phrases which he It slip in a 
broadcast interview last Sun- 
day, and which has exposed him 


throughout the week to an un- 
ending denunciation for anti- 
semitism from left, right and 
centre. 

At the same time, it is also 
clear that his regret is almost 
equally shared by politicians of 
toe right and centre, many of 
whom had hoped, and indeed 
still hope, to pick up support 
from ultra-right-wing voters 
without having either to con- 
taminate themselves by coming 
out in favour of Mr Le Pen’s 
anti-immigrant policies, or to 
alienate his supporters by 
denouncing those policies. 

In an interview at the end of 
August. Mr Jaques Ton bon. 


general secretary of the ruling 
Ganllist RFS party, repeatedly 
evaded any dear-cut. comment 
on the policies of toe National 
Front. 

The plain fact is that, with 
nearly 10 per cent of the natio- 
nal vote in last year’s general 
elections, the National Front 
may be a necessary if nn desir- 
able contributor to a centre- 
right victory in next spring’s 
presidential elections. 

It is not surprising, therefore, 
that the wave of protests at Mr 
Le Pen’s apparently antbsemitic 
remarks, did not start to flow 
until Tuesday, after a day’s hor- 
rified silence. 


ha the interview; Mr Le Pen 
said: “I do not say that the 
gas chambers did not exist. I 
myself have not seen any. I 
have not specially studied the 
question. But I think it is a 
point of detail in toe history of 
the Second World War". 

NO 15—8/8* 

Yesterday, Mr Le Pen 
defiantly defended himself 
against the charge of anti- 
semitism and racism, and 
accused his detractors of 
“ intellectual terrorism,” ex- 
plaining his use of the word 
“detail” as meaning only 
that it. was only one aspect 
of the Second World War. . 


German state faces ‘Watergate’ spectre 


BY DAVID MARSH IN BONN 


MR UWE BARSCHEL, Prime 
Minister of the northernmost 
West German state of Schleswig 
Holstein, yesterday rebuffed 
allegations of political irregu- 
larities and announced legal 
action against toe news maga- 
zine Der Spiegel. 

Mr Barschel was accused last 
weekend by toe magazine of 
plotting to unsettle the Schles- 
wig Holstein Opposition leader, 
Mr Bjoern Bngholm, through a 
“ dirty tricks ” campaign. 

The allegations, published on 
the eve of last Sunday’s Schles- 
wig Holstein state elections in 


which Mr Barschel’s Christian 
Democratic Union (CDU) party 
suffered severe losses, have 
raised the spectre of a “Water- 
gate ”4ype scandal in north 
Germany and caused heated 
dispute in Bonn this week. 

In a packed four-hour press 
conference yesterday in the 
state capital of Kell. Mr Bar- 
schel said the magazine’s alle- 
gations, based on a statement 
on oath from a former CDU 
campaign worker, Mr Reiner 
Pfeiffer, were * without founda- 
tion.” 

Mr Barschel issued a detailed 


statement, also made under 
oath, rebutting point by point 
Mr Pfeiffer’s claims that the 
Prime Minister had organised 
detectives to inquire into Mr 
Eng holm's sex life and had 
tried to prove that he had 
evaded taxes. 


Mr Barschel also denied that 
he had asked Mr Pfeiffer to 
place an electronic eaves- 
dropping device in his own 
telephone in a bid to accuse 
Mr Enghoim of stropping on 
him . 

The SPD-leaning Der Spiegel, 


which has won respect for un- 
covering scandals in recent 
years, is- likely to see its repu- 
tation damaged if it turns out 
Mr Pfeiffer’s allegations are 
baseless. 

Mr Engholm also made clear 
yesterday that the affair would 
not be bud to rest Responding 
to Mr Barschel’s statement, he 
accused toe CDU state govern- 
ment of mounting a complex 
political plot against him which, 
he said, would have been im- 
possible to organise without the 
knowledge or compliance of the 
Prime Minister. 


Iranians shoot down Iraqi jet 


BY ANDREW WHITLEY IN KUWAIT 


AN IRAQI Mirage on a pre- 
dawn bombing raid on Iran’s 
offshore oil installations in the 
northern Gulf was shot down 
yesterday over Kuwait’s 
Bubiyan Island by Iranian anti- 
aircraft fire. 


The loss of toe French-made 
Mirage F-l, reported by Tehran 
Radio, was not immediately 
confirmed by Baghdad. A few 
hours later its downing was 
followed by a rare long-distance 
attack by Iranian warplanes on 
toe important Kirkuk oilfields 
in northern Iraq. 

In toe latest overnight Iraqi 
bombing raids, Iran’s main oil 
export terminal of Khan* Island 
was reportedly hit for the 
second time in 72 hours. An 


Iraqi communique said toe 
Iranian offshore oilfields of 
Bahrgan Sar and Ardeshir, 30 
miles east of Kuwait, were also 
struck. 

Iran said it retaliated by 
shelling economic and militar y 
targets in south-eastern Iraq, 
including suburbs of Basra, 
inflicting “ heavy damage.” 

As toe fierce exchange of toe 
past three days show no sign 
of letting up, Kuwaiti residents 
were alarmed by a mysterious 
mid-morning explosion which 
shook windows over a wide dis- 
tance. In the absence of any 
official comment, speculation 
focused on toe possibilty of an- 
other Iranian Silkworm missile 
attack. 


From New York, seedlings of 
optimism are growing that Mr 
Javier Perez de Cuellar, toe 
United Nations Secretary Gen- 
eral, may have secured an 
Iranian promise of an official 
ceasefire. 

Discussion of a possible break 
in relations with Iran by 
members of toe Arab League 
had been scheduled for to- 
morrow’s meeting in Tunis of 
Arab League Foreign Ministers. 

Laura Ram reports from 
Amsterdam: Two Dutch mine- 
sweepers steemed out of Den 


Helder yesterday and headed 
wh< 


for toe Gulf, where they will 
cooperate with Belgian and 
British ships in ensuring toe 
safety of shipping. 


Chad demands 


Libya withdraw 
before peace 


CHAD, flatly rejecting peace 
overtures from Colonel Gadaffi, 
the Libyan leader, has 
demanded Libya’s withdrawal 
from a disputed border area 
occupied by Tripoli since 1973, 
oar foreign staff writes. 

“TBe war between Chad and 
Libya can only end when Libya 
evacuates occupied Chadian 
territory and gives up once and 
for all its annexationist atm* 
on our country,” the state-run 
N’Djamena radio has said. 

Colonel Gadaffi had said 
earlier toe conflict between the 
two countries was over while 
indicating his intention to 
retain control of toe Saharan 
desert border strip of Aouzou. 


Tony Walker reports from Basra on the traumas and physical damage suffered by the populace from Iranian shelling 


Iraq’s beleaguered second city remains defiant under fire 

rn chcTi;ns .nurMw ' )»«■ tiVon mIhu Tran and Irnn Tt fc the dam TTnsmn whosp Hfcenww in official. Resorts that Basra has nivana Sho nnw Sac ■ ah nrfonoJ ■ uJ 


WHEN THE shelling starts, 
said Mr Derzi M. Al-Rashid, 
“Lassie,” his rotund black 
poodle, goes straight to the 
bathroom in toe centre of the 
house to take refuge. The dog 
doesn’t need to be told. The 
routine has become familiar. 

Basra, Iraq's beleaguered 
second city, lives on its nerves, 
waiting for the next round of 
Iranian shells to come crash- 
ing down in the neighbour- 
hoods along toe Shaft al-Arab 
waterway. 

In toe once comfortable resi- 
dential al-Twaysa district on 
the banks of the Shaft al-Arab 
in the eastern sector of the 
city, house after house is 
scarred by shrapnel. Most 
buildings have had their win- 
dows blown in by the force 
of repeated explosions. 

Streets are deserted. Houses 
have been boarded up. Their 


owners have taken refuge, 
either in the western part of 
the city or elsewhere in Iraq. 
Stray dogs prowl empty neigh- 
bourhoods. The few residents 
who remain in the al-Twaysa 
district live with toe always 
imminent prospect of shells 
falling on them. 


Samir Hanna, a university 
bad 


lecturer, said his family hat 
abandoned for toe time being 
their villa in al-Twaysa be- 
cause it had become "too dan- 
gerous” to live there. He was 
worried about the effect of toe 
shelling on fais children. "They 
have nightmares about the 
shelling," he said, as he sms 
veyed a hole in his fence 
caused this week by a large 
piece -of shrapnel. 

Basra, connected by the Shaft 
al-Arab waterway to toe Gulf, 
44 miles away, is toe steamy 
frontline of the conflict be- 


tween Iran and Iraq. It is toe 
jewel Iran has long been seek- 
ing in its efforts to topple the 
Iraqi government. 

Early this year Iranian forces 
made their most determined 
push towards Basra, and were 
halted only about 8 miles from 
the city on toe eastern banka 
of toe Shatt al-Arab. 

lit toe city itself, sounds of 
fi ghting at toe front are audible. 
Exchanges of mortar fire go on 
all the time. These sounds are 

commonplace. 

Elsewhere in Basra, away 
from waterfront neighbourhoods 
which have borne the brunt of 
Iranian shelling, life continues 
desultorily. Small food shops 
in the decaying central district 
are open for business. Larger 
emporiums are closed. 

At a busy intersection, work- 
men are putting up another big 
portrait of Iraq’s President Sad- 


dam Hussein whose likeness in 
dozens of different guises domi- 
nates most public areas 
throughout Iraq. 

A liquor vendor, selling 
cheap whisky in the main 
shopping area, says business is 
good. 

-The Sheraton hotel, a land- 
mark on the western bank of 
toe Sbatt al-Arab waterway, is 
closed. Its handsome facade 
has been extensively damaged 
by shellfire. 

Nightclubs with names tike 
Ali Baba and Sinbad in the 
street behind the Sheraton are 
virtually derelict The port 
city’s once robust nightlife is 
a thing of the past 

Estimates of Basra's remain- 
ing population vary. Of toe 
city’s approximately 1.25m 


people before heavy shelting 


began early this year about 
remain, according to one 


official. Reports that Basra has 
become a ghost town are exag- 
gerated. 

In the Shatt al-Arab itself, 
rusting cargo vessels caught in 
fighting at toe beginning of toe 
war, have been badly damaged 
by shellfire. Some ships have 

sunk.- 

At toe Basra Republic Hos- 
pital, toe victims of repeated 
Iranian shelling attacks are 
treated for wounds caused 
mostly by shrapnel. 

Fourteen - year - old Nabla 
Hnloop Naamab was watching 
television with her family on 
the evening of September 2 
when a 155mm shell crashed in- 
to her house, killing her five- 
year-old sister and injuring 
others present. 

Nahla suffered serious ab- 
dominal injuries, caused by 
flying shrapnel. Doctors 
operated to repair damaged 


organs. She now has a shortened 
digestive tract 

Dr Adel al-Mausouri, direc- 
tor of toe hospital, said the 
worst of the shelling was early 
this year during Iran’s big 
offensive against Basra, when 
shells rained down for days 
almost continuously. 

Dr Mansoori estimated about 
2,000 had been MBed since 
early this year. But civilian 
casualties are “ getting less and 
less because there are fewer 
people in toe city." 

He said the most serious 
Injuries caused by shrapnel 
were those to the abdomen and 
the head. Many children died 
from head wounds. “ Shrapnel,” 
he said, “causes very drastic 
injuries.” 

Constant shelling wag “very 
traumatic” for toe populace, 
be said. “ People can’t eat, they 
can’t sleep, they are shut In 


their homes. It's a big trauma.” 
Trauma - was causing - con- 
genital malformation of fea- 
tures, deformities of hands and 
races, and congenital heart 
defects.” 


US second 


quarter 
growth up 


By Hood Barber to Wahtagten 


tax profits of US corporations 
In toe se 


second quarter rose 
$3.5bn (a. revised 4J per cent) 
to a seasonally • adjusted 
annualised rate of S1345hn. 
Profits bad fallen by $5bn (3.7 
per cent) in the first quarter. - 
Investment in capital equip- 
ment and other non-residential 
investment grew by 
having fallen by $17.2bn in the 
first quarter- 


Canadian car 


workers’ deal 


By Robert Gibbons In Mon trad 

THE Canadian Auto Workers’ 
Union, led by Mr Robert White, 
has won a six-year deal , from 
Chrysler Canada to index pen- 
sions to inflation and encourage 
early retirement 

The CAW also won Increases 
in basic pay over three years, 
apart from toe normal oostlof- 
living adjustments - built _ into 
Canadian car industry contracts. 

The pension demands were 
similar to those made by. the 
Canadian paperworkers 1 union 
and several other unions earlier 
this year. The objective is to 
get younger workers into the 
workforce faster and to ' ease 


pressures of youth unemploy- 
ment across the country.' Some 
unions have accepted unusually 
low pay increases in return. „ 
The Canadian car industry si* 
ready has a lower total wage 
structure than its US counter- 
part after exchange and. tuber 
factors. 


Borne Basra residents refuse 
to be intimidated by toe Iranian 


celling, however. Mr Khaled 
Bolus, who lives in the 




al-Twaysa district, and whose 
neighbour’s house wag hit by 
a shell, has no intention of leav- 


“le 


. »e^ing in front of his villa 
“ a deserted street with a cage- 
ful of bnlhantiy-coloured bud- 
gerigars chirping in the back- 
ground, Mr Bolus said: “The 
shelling is almost normal for us. 
They have been sh elling u* 


since toe beginning of the war 
n’t move. Basra is 


but we won'. — ... „„ «, 

Basra, and it will stay Basra, I 
wnt to stay in Basra. It is my 
town.” ^ 


FINANCIAL T1M1KL 


E?bUitae by The Futuelhl Tin* 
(Eur ope) Ltd., Frankfort Brandt, 

"pwentaj ^ e. Hngo. fteUiSS 

ga d, qaa abtaaf tbe Board of Pfrocao. 
&Barknr, *- A. F. MoCkan, G.T.S. 
Draw. MX. Goran, D. LP, Rriner. 
■radon. Printer PranUurtCF-SocktflD- 

Prncfcqai- OmbH, FranUnrf/Mkia. 



1987. 


raWKttL TIMEg, USPS No. iSOWB. 

gtifiwsau? 

S®kbsk 5- 

tffon- POSTMASTER: md.addna 
««*=« » fTNAfSClAL TIMES. 14*1* , 
Wfc^rra, New Yodl, MTV, IMP. f 





do so. 

Hr Ruud Lubbers, tile Dutch 
Prime Minister, said earlier 
this week that installation of 
the. "cruise missiles- could, not 


be stopped until & “perfect’ 1 
cbed be- 


accord had been react — — 
tween toe US and. -the Soviet 
Union. 

Politicians in opposition to 
'toe Conservative British and 
West German gover nm ents were 
enthusiastic about toe immi- 
nent agreement between Wash- 
ington and Moscow. 

Dr David Owen, the former 
Social Democratic leader, said: 
“The INF agreement has been 
hard won but is well worth- 
while.” _ • 

In Germany, Mr Horst 
Tghmtrfr, one of the Social De- 
mocratic Party’s disarmament 
experts, said “good news” had 
come from Washington, and the 
double-zero deal opened the 
way to progress in other arms 
control arenas. 


belief ! 

. .1^ I Yl’ 


THE US economy grew more 
rapidly in tiro second quarter 
than previously reported, toe US 
Commerce . Department said 
yesterday. ' 

The grass national product of 
the ApriUuse quartet rose at 
an annual jrateol 2.5 per cent 
instead of O per cent, it said. 
It also revised the second- 
quarter inflation rate - from 3.8 
per cent dowu lo 3,5 per cent 

Tbe revisions show that the 
US ' emmnt it - *tiH ‘growing 
sluggishly, if steadily. The 
inflation, estimate has improved 
but': toe Federal Reserve's 0.5 
pet cent increase hi the dis- 
count rate to fl per cent this 
month Is a more up-to-date indi- 
cation of official concern about 
inflation. 

The ‘ GNP — tiro broadest 
measure of economic perform- 
ance — grewby 4.4 per cent in 
the first three months of 1987. 
It must expand act an annual 
rate of 3 per cent in the latter 
half of this year to meet White 
House forecasts of 3£ par cent 
GNP growth in 1087. 

The Department said post- 



e -=. N..-.. •• - . 
•-.'-O’ • « '• 

"V. ’ - ‘ J 


I 



3 





Financial Times Saturday September 19 1987- 

OVERSEAS NEWS 


UK NEWS 







i - a *i!0\ 

3S*|4§ 

v-A 0 ®*. 

r« 

*sb^ 

7J, f'joj BB; , 
l' v ;' 

;i 

S second 
carter , 
rowth up 

-■■we! Bi.’btr b 

,<* tiVS3f& : 

■ ■* sa 

5 ■'■• •' :> - v- kwss 

i-T^rr-- 

■"'s. 1 ^iK-Jpr 

rr* c* i? g: 
--1 !■: 1’ mi 3 

L-J rcv.ir-i £ 

<•: :id:us mfc 
•-• :■->'= U ; f 

■■■■^■C!V 5 532 * 

, ’ ■■ '* ra€ 

, z ■..-■■-;■; jv ? 

I-.: Skt 

r "iiv 2: 

‘ v * 

• - . : —:■:? skk 


1 .. a -jP 

: f . .• - • r- 

1-t A . - >«i 

r . sK l 

' . : 'fly 

•-- j* f- 

.’■•j: .: r 

^"'Vs'lS 

. : ::;v.;4j?* 

a 1 

V, if S 

, ‘X r 2' 

• ' m \1 - ■•.■>■» 


^dias $ 


in 


jrk «5 


„ -.iSf* 


p<s l-s** 




".-.i -*“■■■■"; 


- ■-''•■‘.ft* 




* ■¥■ ,»•* w 

■■ t; ^ 

1 v,-; ; : ■ 

V- 7 V):& 

* ■ 

;.••• ;. f ■ « »*.<' 

* r ’.£g(&" 4 

V. " i* ,»*■ T 




fM*' 1 


Canberra to set 
up securities 
commission 

By Chrt&Sharwtf in Sydney 


THE AUSTRALIAN govern- 
ment confirmed' yesterday it 
was to assume total responsibil- 
ity for foe' regulation of compa- 
nies -and for tbe securities and 
futures industries. 

1110:06013100, approved at a 
special Cabinet meeting this 
week sad announced by Mr Lio- 
nel Bowen, the Attorney-Gener- 
al, entails, the establishment oP 
a new independent body,, the' 
Australian Securities Commis- 
sion, in 1989. 

Details ’of the proposal have 
met with disapproval Rom some 
of the country's state govern- 
ments, whose own Corporate AT-' 
fairs Commissions would disap- 
pear along with the umbrella 
National Companies Secu- 
rities Commission (NCSCt 

Mr Jim Kennan, Victoria’s At- 
torney-General , fainted yester- 
day that his state would rettae 
to cooperate over the plan un- 
less the new arrangements met 
its own demands. 

But Mr Bowen, speaking In 
Perth, appeared adamant about 
pressing ahead. The existing 
cooperative . scheme between 
the states and federal govern- 
ment had structural defects 
which could not be resolved, he 
said, and it had outlived its use- 
fulness. 

"The national character of 
Australian markets and the new 
international trading environ- 
ment has created jurisdictional,, 
administrative and enforce- 


mentiproblenu thav only a na- 
tional approach can resolve," he 
added-' 

The new Commission, like the 
NGSC, will be. based in Mel- 
bourne, and will have branches 
in each state capital . Cases aris- 
ing Under the ■ scheme will be 
heard in me federal court and 
the state supreme courts. 

. ; Existing legislation will 
meanwhile be reviewed, with 
the assistance of a high-pow- 
ered advisory committee which 
includes . representatives from 
■ business, banking and the pro- 

Tbe r committee, among other 
things, will consider changes in 
requirements for prospectuses 
and .takeover documents, the 
.scope tor civil remedies instead 
of Commission action, and the 
appropriate form for Commis- 
sion. hearings and investiga- 
tions. ... 

A rationalisation of the pres- 
ent administrative structure is 
also expected, to be achieved by 
shedding "unnecessary and 
time-consuming functions." This 
would release resources for the 
Commission to monitor markets, 
and to maintain appropriate 
standards through effective 
market enforcement 

Mr Bowen appealed to the 
states to cooperate with the fed 
era! government in order to fa- 
cilitate the changes with mini- 
mal confusion and disruption. 


Relief in Manila at 
firings by Aquino 


PRESIDENT Corazon Aquino's 
Government sometimes appears 
like an untamed beast careen- 
ing towards an abyss only to 
veer away at the last moment 
and saunter off as if there was 
never any danger. 

. Such postcrisis levity pro 1 
vailed in Manila yesterday, a 
day after Mrs Aquino complet- 
ed a crucial cabinet revamp, 
that she had agonised over for 1 
eight days. In the end she fired' 
only three secretaries, includ- 
ing the Finance Secretary, Mir 
Jaime Ongpin, and her contro- 
versial aide, executive secre- 
tary, Mr Joker Arroyo. 

Their public clashes over the 
direction that' economic policy, 
-.should take were behind -the- 
. mass resignation- of the .cabinet 
s last week. ! 

i “There is an appearance of 
coming together,' Senate-major* 
ity floor leader Mr Orly Merca- 
do said. “Without judging their 
performance, the firing Of Ong- 
pin and Arroyo relieves a pres- 
sure ppint* 

The besieged stock market 
leapt 15 per cent, more than re- 
gaining Thursday’s losses in 
panic selling. The relief that it 
was "all over,” as one Filipino 
said, seemed to soften memo- 
ries of a failed coup on Aagust 
28, the leaders of which are still 
at large, and a military that is 
far from accepting the principle 
of civilian supremacy. - 

Mrs Aquino, has taken the 
steps she needed to survive, an- 
alysts say. The rebellious mili- 
tary has been fed the prize it 
tough! in the shape of the head 
of Mr Arroyo who many of them 
claim is a communist. 

There will be continuing dis- 
content throughout tbe military 
- for instance' from the large 
number of senior officers who 
want armed forces chief of staff 
General. Fidel Ramos fired. 
However the focus of their dis- 
content..- .and. that of the coup 
leaders - "that existed while Mr 
Arroyo was still in the palace 
has at least temporarily gone. - 
Other issues, however, such 
as what economic policies Mrs 
Aquino will pursue in practice, 
as opposed to simply espouse in 
public utte rings, have been 
swept under the palace carpet 
rather than resolved. 



Richard Gonriay on 
post-crisis levity in 
the Philippines at the 
end of a revamp of 
. the cabinet by the 
President 


has not stood upto fight on the 
military’s behalf for better pay, 
pensions, survivor compensa- 
tion and housing and is thinking 


too- much about his own politi- 
cal future- 
There are no signs either that 
the changes will lead to a tough- 
er, more comprehensive han- 
dling ]of the campaign a phmt 
the country's communist-led in- 


lough Mrs Aquino has 
emerged from the cabinet crisis 
intact, her popularity has been 
dented, according to a close po- 
litical adviser, Mr Paul Aquino. 
An apparent indecisiveness 
during the cabinet revamp and 
a lack of public assurances that 
the government was in control 
gave an impression that the 
presidency was adrift without a 
skipper at the helm. 

"People are a bit less patient. 
The new executive seeretaiy, J. don’t think the pattern of drift 


Mr Catalino Macaraig, 1 and fi- 
nance secretary, Mr Vicente 
Jayme, are 'both thought to be 
less abrasive and outspoken 
' than their predecessors. Their 
administrative abilities' ; are 
likely to make the cabinet more 
- manageable, observers . say. 
However, foreign bankers say 
the cabinet still neads to clarify 
the economic policies for local 
' and foreign consumption. ■ 

Mrs Aquino accepted Mr Ar- 
royo’s resignation by ringing his 
praises' and -promising not to 
' compromise “his ideals.* An*- 
"lysts say it does not suggest she 
has either shifted to the.right 
nor. caved into the military. She 
has not, for instance, relieved 
-armed forces -chief of staff Gen- 
eral Fidel Ramos. 


apod indecision can go on if it 
erodes the economy,* a senior 
Filipino broker said this week. 

Nevertheless, in the post-cri- 
sis optimism, most congressmen 
and businessmen' were quick to 
rally , round Mrs Aquino. Buri- 
ness associations which joined 
the militar y in calling for Mr 
Arroyo’s resignation immedi- 
ately reiterated their support 
for her once he had gone. They 
pointed ' out that her . close 
friendship and personal loyalty 
to Mr Arroyo made her decision 
to fire him very painfhL 

The fact that she. did indeed' 
ftre him showed political matu- 
rity) they said, as did her deci- 
sion yesterday to visit military 
camps to try to bridge the gulf 


between the armed force s and 

Many senior officers say he. the civilian arm of government. 


Mitterrand hits at Chirac 


BY OURFORBGN STAFF 

PRESIDENT Francois Mitter- 
rand oFFraUce went in to public 
conflict with Mr Jacques Chir- 
ac, the Prime Minister^ yester- 
day over policy on New Cale- 
donia, France’s Pacific colosy. 

President Mitterrand called 
for far-reaching economic re- 
forms in New Caledonia to end 
what he described as profound 
colonial-style inequalities in. 
New Caledonia. 

He warned in a television inr 
tervfew that plans pat forward 
by Mr Chirac could have dra- 


matic consequences in'the is- 
land ahd that economic' In- 
equality between. New 
Caledonia’s white settlers and 
indigenous Melanesians or Kan- 
aks must be narrowed before 
the. two communities could live 
In peace. - 

The Eanaks, the first inhabit- 
ants of the territory, are out- 
numbered by European, Asian 
and Pacific immigrants and are 
generally the impoverished in 
the prosperous island. 

' Mr Chirac Is on a yisit the ter- 
ritory. 


Acquittal 
prompts 
Pretoria 
police probe 

By Anthony Robinson in 

Jo hannesb urg 

the ACQUITTAL a fa South 
African Journalist, Mr Tony 
Weaver, deputy new editor of 
the Cape Times newspaper, by 
a Cape Town court has raised 
serious questions about police 
conduct In the Cape. 

Mr Weaver had been charged 
under the Police Act for alleg- 
edly making false statements 
in a BBC radio Interview con- 
cerning the fatal shooting of 
seven alleged African National 
Congress guerrillas in a police 
ambush on March 4 last year. 

Mr Weaver based his repeii 
on interviews with eyewit- 
nesses and families of the be- 
reaved. According to the prose- 
cution. his report claimed that 
two of the men were shot in 
crid blood while trying to sur- 
render, that weapons had been 
planted on the bodies and that 
one policeman had fired three 
shots at close range into one of 
the men after punching him to 
the ground. 

Three other charges accus- 
ing Mr Weaver of printing un- 
true matter In the Cape Times 
were withdrawn without ex- 
planation on the eve of the tri- 
al. 

The court found that autop- 
sies contradicted the evidence 
of police witnesses and indi- 
cated close range shooting 
compatible with being shot 
while lying on the ground. Be- 
fore acquitting Mr Weaver, the 
magistrate said the Journalist 
"had reasonable grounds to be- 
lieve that what he had been 
told and what he told the BBC 
.was true". 

The policemen involved in 
the Incident all denied plant- 
ing weapons on the deceased 
and claimed they had fired at 
the victims in self- defence. 

. The attorney general has 
called for a fell report of the 
trial and a fall transcript has 
also been passed to the com- 
missioner of police for study. A 
relieved Hr Weaver Is now 
contemplating civil action 
against the police for °mali- 
cions prosecution”. 

Several irregularities which 
emerged during the trial. In- 
cluding the removal of pellets 
from the bodies of some of the 
seven dead men and the alter- 
ation of entries in the police 
exhibit register, are expected 
to be examined by the attorney 
general and the acquittal of Mr 
Weaver could also be followed 
by a re-opening of the inquest 
on the seven men. - - - 

So a statement.afteE his ac- 
qnlttal, Mr Weaver, said: The 
medical and, forensic evidence 


led in the trial shews conclu- 
sively that some of the police 
witnesses lied and that several 
of the deceased were toot at 
point blank range.” 

On these grounds he asked 
the Sooth African police to In- 
vestigate charges of murder, 
att e mpt e d murder, peijnry and 
defeating the ends ot justice 
against Major Dolf Odendaal. 
and other policemen involved 
in the case. 

The latest Mow to the reputa- 
tion of the police in the Cape 
came as further evidence of po- 
lice brutality and partiality 
emerged during an Important 
test case In the Cape Supreme 
Courtinvolving 3,000 former 
Crossroads squatters which 
began this week. 


Reforms 
attacked by 
all sides 


By Our Johannesburg 
Correspondent 

RIGHT-WING conservatives 
yesterday lambasted proposals 
to amend the Group Areas Act 
as the thin end of a wedge lead- 
ing to total racial integration 
whfte black leaders, white lib- 
erals and churchmen dis- 
missed them as 'a whitewash 
job/ ' 

Fifteen members of the Pres- 
ident’s Council belonging to 
the Progressive Federal Party 
and coloured and In dia n par- 
ties meanwhile walked out of 
the debate to symbolise their 
disapproval of the proposals 
made by a committee of the 
eouncil on which the ruling 
National Party has a majority 
of members. 

For its part the government 
signalled its probable accep- 
tance of the nfain lines of toe 
report - maintenance of the 
principle of legally defined 
ethnic group areas for those 
who want them and toe possi- 
bility of racudly-nuxed areas 
far those who are prepared for 
to alternative to apartheid. 

Dr A. J. Oosthuuen, . chair- 
man of the committee which 
re-examined the Group Areas 
Act and also proposed repeal of 
the Separate Amenities Act, 
commented that upper-income 
suburbs were pronabty more 
likely to experiment with 
wing up their areas to the' 
wealthy of other races but sub- 
urbs dominated by lower-in- 
come and elderly homeowners 
would probably stay the same. 

A dissident coloured mem- 
ber of the council said the re- 
port 'does not recommend a 
shotgun marriage bat a court- 
ship between the races. Wheth- 
er it will culminate in a lasting 

marriage will depend on the 
people themselves." 


James Buxton reports on a scheme that would change the map of the Scottish capital 

Edinburgh buoyed up by waterfront project 


"I MAKE no apology for foe site v ~ 'i . 
of foe vision,* said Mr Bill * 

Thomson, chairman of Edin- 
burgh Maritime, earlier this 
week as he announced a project 
to develop Edinburgh's frontage 
on to the Firth of Forth into a 
waterfront environment 'com- 
parable with Sydney or San 
Francisco.* 

Even without the hyperbole, 
the scheme would literally 
change the map of Edinburgh. It 
would involve filling in foe bay 
which occupies the mile-long 
gap between the city’s two ports 

- the little-used harbour of 
Granton and foe busier port of 
Leith - both of which jut out into 
the estuary. 

On foe 550-acre site, part of 
which would come from dere- 
lict docks, would be built hous- 
ing. a business park with of- 
fices, leisure facilities 
including a marina, shops and 
an hotel. 

Tbe project, promoted by tbe 
Forth Ports Authority, which 
owns foe land and the seabed, 

would transform one of Edio- chartered accountants and ciyil 
burgh's less distinguished areas servants. 

- how many people even know The city is famous throughout 

that Edinburgh has a water- foe world for its festival, yet the 
front? - and would also comple- project to crown it with an 
meat foe successful restoration opera house has remained, lit- 
of parts of Leith. erally, a hole in the ground for 

The Edinburgh Maritime 22 years, 
scheme^ which could eort Mr Jimmy Gammell, who built 
£400m. Is in its infancy. The dif- „p j^jy and simeT the Char- 


VV'rt/v. -I* _ v - ’ ll 1 , * v |)|2| I I «l . 'J'-ET* Jl 

■V. % * ' * • • ■" • ,* 'j . *. * .. v ■■ 



Tbe dtfs waterfront to be cenga-tofe _wfth Sydney or San Francisco 


ferent components are little 
more than architects’ sketches 
and property developers have 
not yet been approached. 

While the Scottish Develop- 
ment Agency has given its rail 


Edinburgh began to flourish 
modestly as a specialised finan- 
cial centre, as long-established 
fond management companies 
began to shake off their lethar- 
gy and foe life assurance houses 
expanded, yet the financiers 
shunned involvement in the 
city's politics. In 1974, the coun- 
cil placed a strict limit on the 
growth of office space in foe 
centre. 


lotte Square ftind manager, into 
a major forces, tells how when 
gas and oil were discovered in 
the North Sea in foe 1960s he 
urged the lord provost of the 

. , . - , . day to make Edinburgh into — 

backing and local property ex- Britain's oil capital. This would ness community on foe other 
perts broadly welcome it, a have involved redeveloping a shown aims of endine. 
planning application has only decaying area just west of the 
just been lodged with the city centre, between Lothian Road 


Only this year have years of 
inertia and impasse between 
the district and regional coun- 
cils on one hand and foe busi- 


counciL 
The point is, however, that vi- 
sion on this kind of scale has 
been in very short supply in 
Edinburgh over foe past few de- 
cades. Successive administra- 
tions - which until 1964 were 
Conservative - have mostly been 
content to let the city eujoy the 
prestige of being a beautiful 


and Haymarket, now known as 
the vest central site to accom- 
modate the headquarters of the 
US oil companies. Leith could 
have become the offshore sup- 
ply centre. 

The idea was never taken np. 
The oil companies went to foe 
West End of London and Aber- 


shown signs of ending. 

In May, the Labour-controlled 
district council, which last year 
exchanged Militant for soft-left 
leadership, faced up to the fact 


The council announced that it 
would at last allow mixed office 
and housing development on 
foe west central site. Several 
schemes have been proposed 
but their success probably de- 
pends on the fate of a project to- 
build a £30m conference centre 
and office complex at the apex 
of the site, just behind foe Cale- 
donian Hotel. 

After a decade of desultory 
discussion, there is now unprec- 
edented agreement on foe con- 
ference centre project between 
the district and regional coun- 
cils and the chamber of com- 
merce. 

The business and financial 
community have pledged fifrn to 
an endowment fund to cover the 
expected operating losses of foe 
centre. Mr Gammell says this is 


that with employment in finan- "something they would never 
ciaJ services growing rapidly, have done in the past" 
more office space near foe cen- However, the project needs 
tre was essential. Financial ser- gove rnme nt capital The Trea- 
vices already employ 18.000 of sury is considering whether to 
the city's 53JJ00 service work- authorise the SDA to invest 
era. The council itself voiced ClOm in it, a move which would 


capital, with little industry but deen became foe main supply fears that new financial service unlock other official funds, 
a thriving corps of lawyers, I centre. jobs might go to Glasgow. Hopes are rising in Edinburgh 


that the Treasury could soon 
give its approval. 

Schemes for the west central 
area are more advanced than 
the Edinburgh Maritime project 
but Mr Charles Gwyn, of Chris- 
tie and Co, a property valuation 
firm, believes there should be 
room for the office space pro- 
vided by both, with some com- 
panies being more attracted to 
the waterfront site because of 
its more spectacular location on 
the Firth of Forth. 

Underpinning this confidence 
is an optimism about Edin- 
burgh's financial services in- 
dustry which did not exist a 
year ago. The amount of money 
managed in Scotland, most ofit 
in Edinburgh, rose by more 
than 30 per cent in foe first half 
of this year to £50bn. 

The independent fund manag- 
ers, snch as Baillie Gifford, 
Martin Currie and Edinburgh 

Fund Managers, are winning 
pension management business 
in competition with conglomer^ 
ate financial services groups in 
London. Tbe life companies 
could see rapid growth as per- 
sonal pensions become increas- 
ingly prevalent 

As the post Big Bang shake- 
out in the City of London gath- 
ers pace, Edinburgh financial 
institutions hope to lure more 
high quality executives to work 
for them north of the border, 
even in spite of a drop in salary. 
They would be attracted by a 
better lifestyle and superior 
housing, although they would 
have to endure a greyer climate. 

It is premature to talk of an 
Edinburgh renaissance. There 
are clouds on foe horizon, for 
example, the threat posed by 
the re-emergence of foe hard 
left among the candidates the 
Labour Party is selecting for 
next year’s district council elec- 
tions. 

The big development projects 
face other significant obstacles 
but for a rare moment a lot of 
people in Edinburgh are 
looking with hope in roughly 
foe same direction and feeling 
unusually optimistic. 


Business in Amsterdam? 



the mdlm London. 


Starting your business trip to Amsterdam with a 
trip to London isn't very businesslike. 

You'll find Air UK's direct flights to Amsterdam a 
much better proposition. With over 100 flights a week 
from 10 main regional centres in the United Kingdom. 
And with conveniently timed return flights to bring 
you straight back home- something you'll appreciate 
at the end of a busy day. 

Relaxed, imerowded flights 

Our flights are not only direct, they're also friendly 
and efficient. You'll enjoy an on-board atmosphere 
that's quiet and relaxed and the kind of service that's 
attentive but never obtrusive. 

We understand your need to arrive fresh, relaxed 
and ready for business. 

Fast Check-in 

Because we operate smaller aircraft than some of 
our giant-sized competitors you'll benefit from 
speedier check-in, Jess time boarding and leaving the 
aircraft, and a more relaxed fright. Benefits that. 


together with our attentive on-board service, help to 
ensure that you arrive fresh, relaxed and ready for 
business (there's enough competition in business 
-without having to compete when you travel). 

So if you'd like to avoid the grind of connecting 
flights and wasted transit time on your next trip to 
Amsterdam, don't go through the mill in London, go 
straight through on a direct flight with Air UK. 
Information is available from your travel agent 
or by phoning Air UK Linkline 0345 666 777 and 
on Pres tel 60647. 

Air UK fltes to Amsterdam from: 

Aberdeen □ Belfast □ Edinburgh □ Glasgow □ 
Humberside □ Leeds/BradfQrd □ Newcastle □ 
Norwich □ London Stansted nTeesslde □ 


V alrlK 

Big enough tomean business. 



Rights from: ABERDEEN, AMSTERDAM. BELFAST. BERGEN. BRUSSELS. EDINBURGH, EXETER. FRANKFURT. GLASGOW, GUERNSEY. HUMBERSIDE . 
JERSEY. LEEDS/BRADFORD. LONDON HEATHROW. LONDON SLANSTED, NEWCASTLE NORWICH, PARE. SOUTHAMPTON. STAVANGER. TEESSIDE 









UK NEWS 


Credit card 
to offer 
spending 
incentives 


Water industry flotation 


London bus 
and Tube 


to go ahead on schedule fares to 


BY RICHARD EVANS 


By Richard Waters 


BARCLAY CARD is to offer gifts 
to encourage its 8.5m customers 
to use their credit cards more 
often. 

The scheme is part of a cam- 
paign by Barclaycard, a division 
of Barclays Bank, to persuade 
customers to use their cards in 
place of cash, cheques or other 
cred it cards, but not designed to 
encourage them to spend more, 
Mr Peter Eliwood, chief execu- 
tive, said yesterday. , 


In response to suggestions 
that incentives would encour- 
age people to get into financial 
difficulty. Mr Eliwood said re- 
search involving 250,000 cus- 
tomers had shown this would 
not happen. 

The Office of Fair Trading, 
which earlier this year referred 
Barclaycard and rival Access to 
the Monopolies and Mergers 


THE GOVERNMENT is to insist- 
that a new quango, the National 
Rivers Authority, should take 
over all regulatory functions for 
the water industry before priva- 
tisation, in spite of the contin- 
uing misgivings of many indus- 
try leaders. It wiU not be 
subject to negotiation. 

Lord Belstead, the environ- 
ment minister with responsibil- 
ity for the industry, made this 
clear yesterday when he con- 
firmed that flotation of the 10 
water authorities in England* 
and Wales is to go ahead on the 
proposed timetable. 

A privatisation bill will be in- 
troduced at the start of the next 
parliamentary session in a. 
year’s time and should reach* 
the statute book in July 1989. 


Commission, has expressed 
fears about excessive borrow- 


fears about excessive borrow- 
ing by credit card holders. 


Barclaycard holders spend 
'something over £100 a month 
each” with their cards, said Mr 
Eliwood. To qualify for the min- 
imum free gift, they would have 
to use their cards to buy just un- 
der £150 worth of goods a* 
month. 

Spending £1,750 would earn 
customers either a leather wal- 
let, badminton racquet, pair of 
candlesticks or herb mill. The 
money has to be spent by the 
end of 1988, when the scheme, 
known as Profiles, closes. 


i This would enable the first 
authority - Severn-Trent is 
pushing the hardest - to be. 

I floated by the end of 1989 with 
the others following in 1990, 
possibly in batches of three. 

Speaking at a conference on 
water privatisation in London, 
Lord Belstead said it was un- 
likely that the market could ac- 
commodate a single flotation of 
all 10 authorities, probably 
worth in all about£7bn. 

This is the solution preferred 
bythe authorities, on the 
grounds that it would prevent 
discrimination between the' 
more attractive authorities and 
those with the biggest prob- 
lems. 



would not budge on the central) 
proposition in its July green pa-! 
.per on setting up the NBA. i 

The boundaries of the NRA’s: 
functions, the manner in which 
they are to be discharged, the; 
details of the allocation of as-j 
sets and financial arrangements) 
are all open for discussion. Buti 
we are resolved that the nlti-l 
mate responsibilities of the) 
NBA will be as set out in the! 
policy paper,’ he said. . 

The key question now will bei 
how many of the authorities fol- 
low Severn-Trent in backing the 
Government's plan. Anglian ,: 
which will decide in 10 days. Is 
likely to be broadly in favour. 


A possible compromise which 
could ease some of the hostility 


Lord Bdsteads detailed plans far 
sell-off open for dbcasdm 


The conference emphasised 
the deep divisions in the indus- 
try over the form privatisation 
should take, with Mr Roy Watts, 
chairman of Thames, and Mr 
Gordon Jones, chairman of the' 
Water Authorities' Association, 
arguing passionately against 
over-regulation, while Mr John 
Beliak, chairman of Severn- 
Trent, supported the Govern- 
ment's proposals. 

Lord Belstead, fleshing out 
the Government’s plans prior to 
final negotiations later in the 
year with the authorities, made 
it clear that the Government 


could ease some of the hostility 
of the authorities, is that many 
of the NBA’s activities could be 
performed on a contracted-out 
basis by the privatised compa- 
nies. 

Mr Watts argued that to ac- 
cept privatisation at any price 
was irresponsible. In bis view, 
the key principles should be to 
retain the integrated river ba- , 
rin management and to regulate 1 
statutory monopoly services for i 
customer protection, but not 1 
other activities. 

Mr Jones, chairman of York- 
shire as well as the WAA, warn- 
ed that however desirable pri-i 
vatisation might be in , 
management and commercial 
terms, there was a price that 1 
was too high to pay. ’We may 
now be getting perilously dose , 
to that position’, he warned. 1 


Insurer plans 
to demerge 


Alcohol misuse to be studied 


BY OUR POLITICAL STAFF 


PROVINCIAL GROUP, the! 
Small privately-owned insurer, 
plans to demerge early next 
year to allow Prolific Financial 
Management, its unit trust, life 
and pension company, to devel- 
op more flexibility. 

Mr John Maxwell, Provincial’s 


group chief executive, said yes- 
terday the group intended to 


terday the group intended to 
spin off Prolific as a separate 


entity capable of respondii _ 
quickly to the more competitive 
environment expected to be 
ushered in by the Financial 
Services Act 

Prolific and Provincial will 
continue to be beneficially 
owned, however, by the Scott 
family, which has controlled 
Provincial since it was founded 
in 1903. 


A MINISTERIAL group to com- 
bat alcohol misuse is to be set 
up, Mr Douglas Hurd, Home 
Secretary, announced yester- 
day. 

It will be led by Mr John W ak- 
eham. Leader of the Commons, 
and will include ministers from 
all key government depart- 
ments. 

AH aspects of d rinking , in- 
cluding licensing hoars, taxa-. 
tion, advertising and health will 
be considered. 

Health experts estimate that 
industry loses up to I4m work- 
ing days a year through absen- 
teeism caused by drinking - 
more days lost than through 
strikes. 

• Government proposals to re- 
form business rates might play 
an important part in revitalis- 
ing inner-city business areas. 


Mr Michael Howard, Local Gov- 
ernment Minister, said yester-- 
day. 

The plans to set a uniform na- 
tional rate for businesses would 
mean a £7Q0m advantage for- 
businesses in the north and 
Midianda , he maintained in 
BristoL 

The proposal would mean a 
business rate reduction in New- 
castle of more than 30 per cent 
overall and in Liverpool of just 
less than 30 per cent 

• Mr Roy Hattersley, Labour’s 
shadow Home Secretary, dis- 
owned hard-left party members* 
on local authorities who have, 
made bitter attacks on j?olice 
conduct He emphasised that 
his chief task would be to im- 
prove relations between the 
party and the police. 


During a tour of police sta- 
ions in West Yorkshire, be 


tions in West Yorkshire, be 
said: T make plain today that I 
shall have no truck with un- 
founded, uninformed and irre- 
sponsible attacks upon the po- 
lice.* 

• The once discredited US ed- 
ucation system could provide a 
model for tackling the problems 
of Britain’s inner-city schools, 
Mr Kenneth Baker, Education 
Secretary, said. 

Speaking before a week-long 
tour of the US, Mr Baker said he 
was going to see for himself how 
effective new American tech- 
niques — — many to 

announced by the Government 
— were working 

Mr Baker, who flies out on 
Sunday, is to visit schools in 
New York’s Bronx and Harlem 
districts. 



"•> -t •• * *. 






THE OaiENTAL 
BANGKOK 


The foundation of The Oriental 
Bangkok was a two storey mansion. 
A hotel where Somerset Maugham, 
Joseph Conrad and noted 
dignitaries have stayed. Here, 
nearly a century ago, they found 
a quality of service that left 
them undistracted. Unhindered. 
Did they write the legend? 


Certainly they influenced it. 

And savoured the beginnings of 
what would become known as 
the finest hotel in the world. 

The Authors* Wing is now just 
a small part of the hotel, but still 
a large part of the legend. 

Because, when it comes excellence in 
service, we wrote the book. 


MANDARIN ORIENTAL 
THE WORLD'S FINEST HOTELS 



rise 9.5% 


By Lynton McLain 


Food gronp 
in £30m 


acquisitions 


ByDwMChurcMD 


Glaxo in drug deal 
with Japanese group 


Financial Times Saturday September 19 1987 


Night-time TV may be opened 
to new operators, says Hurd 


BY RAYMOND SHODDY 


LONDON UNDERGROUND 

and bus fores are to rise by an 
average of 9.5 per emit next 
year. Season ticket Travelcards 
and bus passes will rise by an 
average of 12 per cent 

The increases will take effect 
on January 10, London Regional 
Transport said yesterday. 

The rises will be up to three 
times the 4 per cent rate of in- 
flation with the cost of an annu- 
al Travelcard season ticket for 
two zones, including the central 
zone, set to increase by 15 per 
cent to £276 a year. 

Mr Basil Hooper, commercial 
director of London Regional I 
Transport, said the new fores ■ 
would help finance the high lev- • 
el of i nvestm ent needed to en- ! 
able the Underground to im- ; 
prove travel conditions for the 
record number of passe n gers. . 

Central zone 50p and 35p 
short-hop bus fores will be ua- , 
changed but bus fores covering 
more than one zone, now cost- 
ing 60p, 70p or £1, will generally 
increase by 10p. 

Fares on night bus services 
will rise by more than the aver- 
age increase of 9Vt per cent to 
reflect the higher operating 
.costs of these services; 

- On the Underground, the 
adult one-zone fores of 40p in 
the suburbs and 50p in central 
London will be unchanged. Oth- 
er adult fores will rise by 10p. 

The proposed increases were 
criticised by the London Re- 
gional Passengers Committee. 
Mr Eric Midwinter, chairman, 
said: 'Any fores increase of this , 
magnitude is wholly unaccept- 
able and even LRT acknowl- 
edges it will drive some passen- 
gers away from public 
transport. More people are i 
bound to turn to their cars and 
this will only add to traffic con- 
gestion.” 

London Underground expects 
to spend at least £57m over the j 
next four years on schemes to 
relieve passenger congestion. 
This is in addition to plans fora , 
£20m station at Angel and a 
£30m remodelling of the platr 
forms at Liverpool Street 


NIGHT-TIME television may be 
opened to new types of pro- 
gramming and operators, mr 

Douglas Hurd, Home Secretary, 
■suggested yesterday. 

He told the Royal Television 
Society’s Cambridge Conven- 
tion he bad seen that several in- 
dependent television compa- 
nies had begun 'camping outran 
the hours by running 24- 
hour-a-day television. 

He said: T remain to be con- 
vinced that there is any corol- 
lary to squatters’ rights on the 
airwaves.* The remark was tak- 
en as a hiwt that the l~a V compa- 
nies could lose control of air^ 
time between mid n i gh t and 
breakfast television. 


The id ea of using the night 
boors to bring into bein g new 
irfnrts of programme service and 
-perhaps new programme-pro- 
viders is one with many attrac- 
tions and is one of the 


fhmg B we are looktagatsenous- 
fy’ Mr Hurd said. 

His reference to squatters’ 
rights was described as disturb- 
ing and an unfortunate analogy 
by Mr John Whitney, -director 
general of the Independent 
Broadcasting Authority. Mr 
Whitney said the JTV compa- 
nies had the right to broadcast 
at night under existing legisla- 
tion. 

Mr Hurd was speaking ahead 
of Monday's Downing Street 
seminar on broadcasting, which, 
may be the last chance broad- 
casters have to influence the 
shape of government proposals 
for creation of a new competi- 
tive framework for the industry. 
He reaffirmed his Interest in: 

• The potential of subscrip- 
tion, partly to provide finance 
for new television services and 
partly to create a direct finan- 
cial relationship between the 
broadcaster and the consumer. 


• A tender procedure to deter- 
mine who wins commercial 
television contracts. 

• The Peacock committee’s 
proposal that Channel * ’should 
be reconstructed without put- 
ting at risk its ability to meet its 
distinctive programming remit ’ 

He expressed reservations 
about a national fifth television 
channel, because engineers 
were expressing different views 
on its technical feasibility. He 
said: There is a factual or tech- 
nical foundation here which 
has not been finally laid,’ 

He said violence on television 
could influence action by some 
viewers. Television was part of 
a confused, massive force at 
their lives’ centre. 

Broadcasters must be alert to 
the possible insidious effect of 
too heavy a general level of vio- 
lence on television giving a 
false idea of its prevalence in 
society. 


Thatcher to keep tough EC line 


BY JOHN HUNT 


BRITAIN would con tin u e to 
taW> a tough line over an in- 
crease in the European Commu- 
nity’s own resources when the 
question is raised again at the 
EC Council meeting in Decem- 
ber, Mrs Thatcher made clear at 
a .meeting yesterday with Mr 
Giovanni Goria, Italian Prime- 
Minister. 

Mr Goria, with Mr Gralxo An-, 
dreotti, his Foreign Minister, 
was in Loudon as part of a fomi- 
liariwttinn tour of European 
capitals. Sir Geoffrey Howe, 
Foreign Secretary, joined them 
fora lunch meeting. 


Mrs Thatcher emphasised 
that the UK would not agree to 
any increase in community re- 
sources until an effective and 

I^e^l^enforc^^^ there 
were measures to bring the 
Common Agricultural Policy 
under cantroL 


Britain was willing to work 
for a solution on tth basis at 
the December Council meeting, 
she said. 


Thfo brought a cautions re- 
sponse from Mr Goria, a former 
finance minister, who agreed on 


the need for the EC’s finances to 
be put on a sound basis. 

The two sides also discussed 
the situation in the Gulf Italy 
sent an eight-vessel task force 
there last Tuesday in spite of 
-considerable domestic opposi- 
tion a ga inst such a move. 

1 Mrs Thatcher and Mr Goria 
reiterated their backing for the 
UN Security Council resolution 
calling for a ceasefire in the 
Gulf They underlined their 
support for an arms embargo 
a gain st any party which foiled 
to accept the resolution. 


North agency seeks extra cash 


BY IAN HAMILTON FA2EY, NORTHERN CORRESPONDENT 


PREMIER BRANDS, the pri- 
vately-owned food group, yes- : 
terday bought three other com- 1 
panies in the food industry in a 
deal worth altogether £30m. 

The move is part of Premier’s 
ambitions expansion plans be- 
fore it seeks a foil Stock Ex- 
change listing, probably in 1889. 

The company was formed in 
May last year by a £97m manage- 
ment buy-out of the UK, French 
and Irish food interests of Cad- 
bury-Schweppes. 

The largest deal yesterday 
was £2Qm for Newtime Foods, a 
preserves, pickles and jelly con- 
fectionery business. Newtune, 
which operates from Hastings, 
Sussex, was sold to Premier by 
Sale Tilney. 

; Premier is already in the JeQy 
iand preserves market with its 
1 Chive rs Hartley brand. The 
Newtime acquisition will move 
it into breakfast cereals. 

The second purchase was the 
Ridgways speciality teas busi- 
ness for £8m. The company, pre- 
viously owned by Tate & Lyle, is 
based at Speke, UverpooL 

British Fish Canners was the 
third acquisition, at a cost of 
'about £2m. The company oper-, 
ates from Fraserburgh in the 
Grampian region of Scotland. It 
'gives Premier a stake in the 
, canned fish market 

Mr Paul Judge, chairman of 
■premier Brands, said yesterday: 
These three acquisitions are 
directly in line with our devel- 
opment strategy of building up - 1 
on our existing businesses to 
(strengthens our presence in the j 
■food market* 

• The three companies being 
: bought employ a total of 500 
: people and all those employees 
i are being taken on by Premier. 


NORTHERN Development 
Company, the partnership of 83 
local authorities and 200 pri- 
vate c om p ani es that aims to re- 
generate north-east England 
and Cumbria, launched 
yesterday with demands for bet- 
ter treatment by the Govern- 
ment 

NDC, which the Government 
has been holding up as a model 
of public and private s ec tor co- 
operation. wants 'equality* with 
the Scottish and Welsh Devel- 
opment Agencies to give it more 
money and power in tackling 
northern economic problems. 

Mr Martin Easteal, chief exec- 
utive, compared fending for the 
NDC, which has a first-year 


budget of £2m, with sums of tens 
or hundreds of millions for the 
Scottish and Welsh agencies 
and the nrbsi development cor- 
porations for tti *» London and 
Merseyside docklands. 

The launch took place at a 
stately home in the Cleveland 
countryside, a few stiles from 
where the Prime Minister made 
an innezHcify tour on Wednes- 
day. 

Mr Easteal said there were 
comparatively, few inner-city 
problems of the traditional type 
in tiie north-east Regeneration 
involved much wider efforts, 
geographically and economics 1- 


from the Government for over- 
seas promotion. That money 
would have gone anyway to the 
North of England Development 
Council, now incorporated into 
the NDC. The NDC has taken on 
an additional role of promoting 
the for north of England to the 
rest of Britain, as well as to it- 
self to improve confidence. 


NDC*b budget includes £Llm 


‘ The Government is set against 
Scots/Welsh development agen- 
cies for the English regions, 
preferring to channel foods ■ 
through UDCs and schemes 
such as that for derelict land 
grants. It uses English Estates 
for advance fectory b uilding in 
Wales and Scotland. 


Guernsey call to defer c*vfl Service 
employment control plans “P^hnents 

r J r announced 


BY EDWARD OWEN 


SEVEN Guernsey trade and 
professional bodies, represent- 
ing the majority of the island’s 
employers, yesterday issued a 
joint statement urging local 
MP3 to defer consideration of, 
employment control proposals 
due to come before the island 
parljsment on September 30. 

The proposals are, we be- 
lieve, ill-conceived, hastily 
presented and do not appear to - 
have been thought through suf- 
ficiently,’ the statement says. 


Mr William Bell, president of 
■the Guernsey Chamber of Com- 
merce, pointed out that the pro- 
posed controls, although an- 
nounced by the island’s finance ‘ 
committee in July, formed part 
of an appraisal of Guernsey's 
economy by Peat Marwick 
McLintock, the accountant. 


which had been made public 
only yesterday. Politicians and 
the business community needed 
more time to consider the con- 
sultants’ report 

Peat Marwick, while taking a 
generally optimistic view of 
Guernsey's economic prospects 
especially for the ofifchore fi- 
nance industry, said that an ini- 
tiative to . control population 
■growth was needed if 'unsus- 
tainable pressures' were not to 
be put on the island’s environ- 
imenL - 

If no foxther restraints were 
applied, it is predicted, the is- 
land’s economy - estimated to 
have grown by nearly 10 per 
cent in 1986 - could continue to 
grow fay 7 per cent per 
over the next, five years, in- 
creasing the population from 
the 55£00 to fOfiOO. 


By Hazel Duffy 


MR DEREK ANDREWS is to be 
the new permanent secretary to 
the Ministry of Agriculture. Mr 
Andrews, 54, who has been ad- 
vising ministers in Common Ag-' 
ricultural Policy negotiations 
since 1981, succeeds Sir Mi-' 
chael Franklin, who will retire 
on September 30. 


' Other senior Civil Service ap- 
pointments announced by the 
Prime Minister’s office yester- 
day included that of Mr John' 
Anson, who succeeds Mr Robin 
Butler as second permanent 
secretary at the Treasury in 
charge of public expenditure. 


Societies plan to merge 


BY HUGO DIXON 


GLAXO has signed a licensing 
■agreement with Mochida Phar- 
maceutical of Japan for an in- 
i jec table cephalosporin anti- 
biotic codenamed M14659 which 
is in the early stages of develop- 


THREE small building societies 
are planning to merge, contin- 
uing the rationalisation of the 
industry into larger units that 
are more able to compete with 
banka and other financial ser- 
vices organisations. 

! The societies are Heart of En- 

e Rowley Regis, and Kid- 
aster Equitable - nil 
In the Midlands. 


The new, society, to be called 
Heart of England, is expected to 
be formed early next year. It 
will have assets of more than 
£500m. 

• Britannia. 


gest society, has become the lat- 
est to move into the estate agen- 
cy business. It is to buy Louis 
Taylor, a Staffordshire estate 
agency with six br anches. 
t The society intends to make a 
few acquisitions to protect its 
share of the mortgage market 
but is not planning a national 
network. Estate agents are an 
increasingly important channel 
for mortgage business. 

• Bristol & West, the 11th lar- 
gest society, has opted to be- 
come an independent interme- 
diary under the 'polarisation' 
rule devised by the Securities 


Mr Butler's appointment to 
succeed Sir Robert Armstrong 
as secretary to the Cabinet and 
head of the home Civil Service 
has already been announced. 
Mr Anson, 57, has spent the last 
14 years at the Treasury, mainly 
on the public expenditure side, 
and as UK director at the IMF 
and World Bank. 


. Mr Peter Kemp, who has been 
in charge of Civil Service man-, 
agement and pay, will take over 
from Mr Anson. 


— — - rr-" "*** much fjy miss 

Mueller, who will go to 
the Treasury as second perma- 
secretary. She moves from 
tiie Cabinet Office, where she 
has been in charge of the Man- 
agement and Personnel Office. 

That post wiU disappear with 
Miss Mueller’s departure, be- 
cause most of the MPO’sresjxm- 
sibilities are being transferred 
to the Treasury under — 


Anglo-French weapons deals possible 


BY DAVID BUCHAN, DEFENCE CORRESPONDENT 


DEFENCE officials and indus- 
trialists from Britain and 
France have identified six to 
eight army weapon systems that 
■ might result in novel cross- 
Channel purchases by the two 
.governments. 

At the close of a politically 
unprecedented Anglo-French, 
military procurement confer- 
ence in London, Mr Peter Lev- 
ene, the UK chief of defence 
purchasing, said that three or 
four products had been identi- 
fied in the inventory of each 
country as suitable to meet a 
military need of the other. He 
would not name them in ad- 
vance of any contract negotia- 
tions. 

The aim of the conference, 
which brought together 100 offi- 
cials and 100 defence industri- 
ialists from the UK and France, 


is to try to arrange reciprocal 
purchases of medium size and 
value between two countries. In 
recent years the. two countries 
have found it hard to agree on 
fell-scale collaboration in de- 
veloping defence systems. 

Britain and France have the 
largest, but also the most self-, 
centred, defence procurement 
programmes in Europe. They 
place more than 80 per cent of 
their orders by value at home. 

Mr Jacques Chevallier, the 
French head of defence pro- 
curement, echoed Mr Levene at 
a press conference in emphasis- 
ing that the two-day conference 
was a small beginning for what 
he hoped would be an impor- 
tant step towards a European 
common market in arms. 

France and Britain were rival 
arms exporters, Mr Chevallier 


said, but often that rivalry only 
benefited third-country buyers. 
If Paris or London were to buy 
weapons the other had alreatfy 
developed, they could save each 
other money. 

Both procurement chiefs em- 
phasised the similarity between 
Britain and France in terms of 
defence equipment spending 
md range or products, and thus 
the potential for business. 


UK wanted to hold similar pro- 
curement talks with other coun- 
tries, notably West Germany. He 
said Britain’s trade with Ger- 


many was considerably higher, 
because of collaboration proj- 
ects, than its defence trade with 
France but he did not role out 


— — «aaia uwv UUC UUh 

“ me of conference 
with Bonn. 


the potential for business. 

So far only one deal has been 
pranged, with the Royal Navy 
buying remote-controlled mine- 
hunters from Societe EGA in 
partnership with Honeywell 
Leafield of the UK, and the 
;FriaicIi navy buying Racai-Dec- 
>ca radars. Another deal Involv- 
ing sumbarine detection equip- 
ment has been under discussion 
for some months. 

Mr Levene was ash^d if the 


Mr Chevallier said the ««ne 
tpje for French defence 
ties with Germany and he noted 
that Germany had less of a pan- 
opoly” in weaponry' to offer 
'France than the UK did. 

The UK and France are to 
m? - a conference.next year on 
their naval procurement plans 
to Paris next year. Meanwhile, 
i h ®y are to start informing their 
(industries, through a joint bul-J 
4etin, of the cross-deal plans. 


<!fl 




* 

<r..v 


■v „ . 


. o rs 


• • m* •• 1 


\\ 


Pont 


Scotti. 





THE LIBERALS AT HARROGATE 


UK NEWS - LABOUR 



'i'SSSf, 

— F^i 

.'•F 5 sraitt 
pa?*tg 

resole^ 6 



- — Tlnr 

‘‘ i^a=5 3 s2( 

. .sjoijeia. 

C / J == 5 - »*tf=e 
E 4a!s 
i-Vi:- CiSfia- 

- • swieresEJa 

• ■-■.•.•-E9RI3SC 
*-«r:*r. ;i-.?ieprs£ 

• :' L-i I:£aiE 

"-% :aa£i 
'.T l; z:i ss 
si .':r :*r^: 

• uv:s Ea&ai: 
•• :r.c« ;'ic:c7 See 

■ , i m . • ■'•111 


vi I Service 
pointmcd 
nounced 

= 9 . airy 

-■-^£Sg 

5 • --‘ Tj. 

a 

Lrr. f** 5 ? 

mm -W 1^' 

.» r.r^rSr 

: ;r : ;7:i «&»? 
■ '-:.J c'J»; 

■ -- l JW<? 

. , —■ 

'■ 1 >' 

.. V :**' 

• ; - w -- 

• ■ ■ - ■ c.*-* ? 

:-: : s*S5!*S 

.'..'Ws 

- ' - 

• r 

r-:- r - . ^ 

• i.- u -^-5? 

;. Vj*€ 

n ''jT® 

;&%§*** 




MR DAVID STEEL, the Liberal 
leader, signalled bis determina- 
tion to tackle the Conservative' 
Party on its chosen ground of 
free enterprise and competition 
in his keynote speech at the end 
of the party conference in Har- 
rogate. 

- He said: "Liberals and Social 
Democrats know what the mar- 
ket is for. The real purpose of a* 
vigorous market is to create 
wealth by serving the customer 
better. That means our united 
party must stand fora hew com* 


Reports by 

tom Lynch 

and RALPH ATKINS 
Pictures by 
ASHLEY ASHWOOD 





bination of competition and 
consuinerism.”- 

Delegates gave Mr Steel a six 
minute standing ovation which 
included a somewhat uncertain 
rendering of a song called The 
Land, which was written to sup- 
port the introduction in 1909 by- 
a Liberal government of the 
UK’s first land value tax. 

Mr Steel stressed in his 
speech the Liberal appeal to 
the individual, arguing that 
Conservative competition poli- 
cies bad allowed unbridled 
takeover activity, which ulti- 
mately diminished choice for 
the consumer, while failing to 
increase jobs or investments. 

He said: The commercial he- 
ro of Thatcher Britain is the 
money, hi an in the Porsche shuf- 
fling assets on the ear tele- 
phone, not the scientist or the 
engineer, not the designer or 
the software programmer, not 
the builder, not the entrepre- 
neur.' i 

Mr Steel also condemned pri- 
vatisations which had led to the 
transfer of public monopolies to 
private monopolies, such as 
British Telecom. 


David Steel: condemned privatisations 
• He added: "Our approach is 
clear. We will oppose the cre- 
ation of a monopolistic private 
airline or a private electricity 
monolith. We shall not tolerate 
mega-mergers which ate 
against the public interest, that 


house prices. The credit boom 
disguised underlying weak- 
nesses of a dwindling industrial 
base and decliningskills. 

He said: "Under this Govern- 
ment. research and develop- 
ment have been starved while 


mills' for much stronger monop- the perspectives of the City 
oly and . merger roles in a have been foreshortened to 
str en gth e n e d Office of Fair weekly, daily and even hourly 
Trading.' fluctuations in prices." 

_ Mr Steel also promised oppo- He outlined his vision of the 
sition to "the complacent lack of Government's role in the mar- 
internal competition" in the ket as "the guarantor of higher 


in 

public sector and restrictive 
practices by trades unions and 
professional bodies, saying: To- 
ry individualism has turned out 
to be about personal selfish- 
ness. It hands the prizes to the 
fortunate few. It destroys the 
bonds of mutual care and con- 
cern. It assumes that the one 
person's success can be found- 
ed only on the failure of 10 oth- 
ers.* 

Mr Steel accused the Govern- 
ment of printing money to help 
fhel a pre-election boom and Of 
allowing consumer credit to ex- 
pand to a point where it had 
pushed up interest rates and 


quality goods and services for 
everybody, fighting monopoly, 
insisting on better consumer in- 
formation, pursuing no strike 
agreements in the public ser- 
vices, and setting high stan- 
dards which benefit everybody. 

■Our united alliance will take 
Its stand on excellence. It is fay 
creating high added value for 
the customer at home that we 
will create new success for our 
exports abroad. That is the best 
way to get Britain. back to work, 
and back to more satisfying and 
worthwhile work as well/ Mr 
Steel also addressed the prob- 
lems of defence policy which 


face Liberal and SDP merger 
negotiators. In a careful pas- 
sage be set out a desire to em- 
brace the new east-west moves 
on disarmament, while keeping 
British nuclear weapons until 
they could be negotiated away 
as part of that process. 

While explicitly accepting a 
nuclear element in Nato for as 
long as it was needed for de- 
fence including, if necessary, a 
British contribution, he warn- 
ed: What we cannot and will 
not accept is the Gaullist doc- 
trine that in all circumstances 
any self-respecting nation 
needs its own nuclear weapons 
and that such a commitment is 
absolute/ 

He insisted that the Liberal 
Party had always made the 
"careful distinction* supported 
by the Alliance at the last Gen- 
eral Election, between accept- 
ing nuclear deterrents while re- 
jecting "any attempt by this 
Government to make its com- 
mitment to an independent 
strategic deterrent a barrier 
against further reductions in 
the level of armaments on both 
sides.* 

Most of Mr Steel’s speech was 
spent setting out the spirit of 
the proposed new party, and at- 
tacking the Conservatives. He 
dismissed the Labour Parly ear- 
lier in hi* speech as "a party the 
voters do not trust on the de- 
fence of freedom or the creation 
of wealth or on anything else.* 

He appeared to rule out a 
deal with Labour by pouring 
scorn on the possibility that La- 
bour could break out of "class 
and collectivism, union control 
and extremism and place trust 
in the individual rather than 
the state. 

Mr Steel argued that in the 
post-Thatcher era the Conserva- 
tives would have nothing new to 
offer, adding: The Prime Minis- 
ter has so debilitated the old 
Tory Parfy that when she goes it 
is going to be convalescent for a 
very long time. Learning to walk • 
again, after so many years on- 
their knees is going to take the 
Conservatives quite a while." 


Delegates 

oppose 

electricity 

sell-off 


Peter Riddell analyses the challenges that would face a new party 

Political centre of gravity to shift 


THERE HAS been a strange 
mixture of regret and optimism 
in Harrogate this week. It has 
been sober and harmonious, a 
necessary stage in the recovery 
from the summer’s traumas. 

With . tiie typical self-absorp- 
tion of all party .conferences 
there has also been a touch of 
self-satisfection - underrating 
the extent of damage incurred. . 

The Liberal Party will never 
be quite - the same again. It is 
not reafly the.god of JM>, or 150- 
years of history - no one is quite 
sure how long. After alt Mr Roy 
Jenkins has as much claim to 
the heritage of Asquith as any 
Liberal apart from, perhaps, his 
grandson Lord Bonham-Carter. 
Hie existing Liberal Party is 
largely the creation of the 1960s 
and 1970s. ' 

Nevertheless, the new party 
will have a different character 
from either of - its constituent 
parts. Its political centre of 


gravity will shift, even apart 
from the probable absence of 
the SDFs Owenites and some 
oh the Liberal's unilateralist 
wing. It is likely to be a a sober, 
self-consciously responsi-. 
ble^nd locally focused body, 
built on its local council base. ■ 

Its problem will be how to 
convpy a . distinctive and fresh 
cutting edge. The withdrawal of 
Dr David Gwen has removed the- 
main source of internal Alli- 
ance dissension,, but also .the 
best-known, and to a certain ex-, 
tent its most popular, public' 
free over the^ past four years. 
The remaining leaders are 
hardfy new names, even though 
Mr David Steel and Mrs Shirley 
W illiams appear to have 'gained 
renewed energy and drive in Dr 
Owen’s absence. 

Much may depend on whether 
the new party can create a 
strong central headquarters, 
which the Liberals have always 


lacked. Mr Andy Ellis, the wide- 

■ ly-respected Liberal 

secretaregeneral, has talked of 
the need to generate a central 
income of at least £3m 

and the usual grant-making 
bodies are being approached to 
raise £100,000 to £200£00 for a 
policy think-tank. There are few 
potential big donors arouna. 

There are moves to strength- 
en Mr Steel’s office with the ap- 
pointment of Mr Alee McGivan, 
the SDPs former national agent 
and organiser of the Social 
Democrats’ Yes to Unity cam- 

pnigD- 

■ A key question will be wheth- 
er the parliamentary candi- 
dates of both parties in target 
seats stay the course, or give up 
the fight They are the party's 
main driving force and will be- 
come the next generation of 
leaders. Several in their 30s and 
early 40s face difficult career 
choices, but the signs are that 


most are willing to wait for the 
next 12 to 18 months to see tf the 
new party gets off the ground. 

There has been a feeling of 
qualified optimism at the as- 
sembly. Even the cautious have 
not given up hope and believe 
that it may be possible to create 
a new party which is a credible 
challenger during the course of 
this Parliament. In part that re- 
flects the innate resilience of 
anyone involved for long in pol- 
itics (contrasting with the de- 
spair of some SDP newcomers). 

But first, there will be the ne- 
gotiations. These are bound to 
produce hiccups and problems 
at some stage. No wonder Liber- 
al leaders are writing-off the 
next six months in terms of pub- 
lic impact - praying that there 
will be no by-elections to test 
them when they are most vul- 
nerable. Labour and the Tories 
will not, however, leave the SDP 
and Liberals alone 


Scottish veteran shoots from the heart 


IF THE LIBERAL assembly this 
week often seemed short of the 
heart-felt passion which such, 
an historic gathering merited. 
Sir Russell Johnston did his 
best to make amends. 

The speech of -the leader- of 
the Scottish Liberal Party, to 
delegates during the merger de-r 
bate on Thursday was one of the 
most emotional and well-re- 
ceived contributions of the 
week and ft helped -reinforce 
his reputation as one 'of Liberal- 
ism’s most colourful advocates. 

There are those who claim 
that his political contribution is . 
largely confined, to rhetoric, but . 
on Thursday he managed to.ar- 
ticulate in his own, well-tested 7 
way tiie aspirations and fears of 
most of those attending the as- 
sembly. He was .being, to quote 
the title of his latest volume of 
political speeches,' Uust Rus- 
sell* . : 

The MP for Inverness, Naim 
and Lochaber. and leader of the 
Scottish Liberal Party, Sir Rus- 
sell - knighted ' m . 1985 -is the 
longest serving Liberal -MP. He 



Sir Bussell Johnston 

was elected to the former seat 
of Inverness in 1964, having re- 
placed John Bannennan as the 
loeal candidate, who- stood six 
times and foiled to be returned. 
David Steel, for whom he' has 
the highest regard, followed: 
him into the Commons a year; 
later. . 


A Skye man who likes to flour- 
ish a kilt at party gatherings and 
who first joined the Scottish 
Liberal party 33 years ago. Sir 
Russell has been party spokes- 

MICHAEL CASSELL on 
the colourful 
career of 
Sir Russel! 
Johnston 

man oh a variety of subjects, in-' 
eluding education. Northern Ir- 
eland. defence and foreign 
affairs. 

One-of his passions has been 
the European cause and he was 
a member of the European Par- 
liament from 1973 until 1979. He 
then made himself unpopular 
with the Scottish party leader- 
ship when, as a Westminster 
lff. be also stood in the direct 
elections to the E urop ean Far- 
liament as the MEP for the 
Hi ghlands and Islands . . 


His critics claimed he was 
taking on more than he could 
chew and that his decision 
meant he wonld inevitably be 
neglecting his Westminster 
seat At the time, "Russell’s in 
Brussels” became a popular 
catchphrase, but he lost the 
contest to Mrs Winnie Ewing of 
the SNP. In the Alliance, he was 
appointed spokesman on Scot- 
land and Europe, although 
there were serious reservations 
about his ability to match the 
fire power of Malcolm Rifldnd, 
the Scottish Secretary, or La- 
bour’s Donald Dewar. 

According to the preamble in 
bis latest collection of 
speeches, his contributions to 
conference have taken on a 'leg- 
endary quality" and have been 
as eagerly awaited by gather- 
ings of the SDP and joint Liber- 
al a sse mblies as they have 
been, for over a decade and a 
half, at Scottish Liberal confer- 
ences. Excessive political hype 
maybe, but there was no doubt- 
ing the warmth with which he 
was greeted this week. 


DELEGATES WENT against the 
advice of senior party members 
and expressed 'outright opposi- 
tion* to privatisation of the elec^ 
tricity industry. 

In a debate on the feture of 
public services, delegates re- 
fused to accept arguments that 
a change of ownership could of- 
fer the opportunity to break up 
a state monopoly and introduce 
local control and accountability. 

Although Liberal MPs are ex- 
pected to vote against the Gov- 
ernment’s plans to privatise the 
Central Electricity Generatat- 
ing Board, many believe priva- 
tisation should not be ruled out 
by a party commited to creating 
a decentralised and entrepre- 
neurial economy. 

Yesterday Mr Richard Wain- 
wright, former MP for Colne 
Valley, said he opposed plans to 
privatise water out that elec- 
tricty was a manufactured prod- 
uct not a natural resource. The 
Conservatives, he said, should 
not have a monopoly among the 
political parties in wanting to 
dismantle large state controlled 
organisations. 

Delegates passed a motion on 
privatisation deploring "the 
dogmatic and politically selfish 
policies of all Labour and Con- 
servative governments." It was 
probably the last motion dis- 
cussed by the Liberal Party in 
its present form. It was moved 
by Ms Chris Willmore, leader of 
North Avon District Council 
She said: "What Liberals op- 
pose about nationalised indus- 
tries is their essentially central- 
ised, remote, unaccountable, 
monopoly status. 

"We want to break down those 
national monopolies and re- 
store power and accountabili- 
ty/ 

Sometimes, she said, this was 
best done by market forces, 
such as in the case of the Na- 
tional Freight Corporation She 
added: "But in many cases - no- 
tably the utility services - this is 
best done through public own- 
ership, or control at central or, 
more normally, local leveL" 

Mr Simon Hughes, MP for Ber- 
mondsey, admitted that there 
was an argument for changing 
the ownership of the electricity 
industry but said that the water 
industry was the "most unac- 
ceptable candidate of all” for 
privatisation. 

The post-privatisation foil- 
nres of British Telecom, which 
.many argued was the best of a 
bad bunch of candidates for 
government sell-off puts a big 
question mark over the Govern- 
ment’s nonsensical plan for wa- 
ter/ he said. 

The wideranging motion 
called for public bodies to 
maintain a proper balance be- 
tween economic operation and 
the needs of consumers and the 
community. It also covered gov- 
ernment legisation for the com- 
pulsory privatisation 

Alternative 
to poll tax 
proposed 

A LOCAL income tax operating 
in tandem with a tax on land 
values rather than the proposed 
community charge should re- 
place rates, the Liberal Assem- 
bly decided yesterday. 

Delegates condemned the 
community charge system, or 
poll tax, as unfair and bureacra- 
tic. It was also vociferously at- 
tacked by liberal MPs in a par- 
liamentary question time 
devoted to the topic. 

Mr Cyril Smith, MP for Roch- 
dale, said liberals - unlike the 
Labour Party. - had a "practial 
alternative” to the present rates 
system. He argued that the local 
income tax proposed by Liber- 
als in the general election 
would return control and ac- 
countability to local authori- 
ties. 

Mr Ronnie Fearn, MP for 
Southport, said councils will be 
forced to employ 'armies of] 
snoopers* to collect the poll tax. 

He said: The prospect of big 
brother peering through the 
bathroom window to see how 
many toothbrushes there are 
would be fanny, if it were not so 
pathetic.* 


■ Fr-Fr:.-^ 

-7- ' .-£ 

t-', ■/ 


>* 

• • 

■ ■■ 

• ■ \ ’.t 1 J/.J 


MonaofroBucwcnon 

CUSTOMS AND EXCISE CLEARED VAX AND 
DUTY PAID FREIGHT ABANDONED ORDER 
I CONFISCATION OF DEPOSITS AND GUARANTEE 
FOLLOWING CONSIGNEE DEFAULT AND . 
BANKRUPTCY PROCEEDINGS COMPRISE NO 
UBM5 ENCUMBRANCES OR OUTSTANDING CHARGES 

EJtfnm 

[oFCHBIFICDOWCIN&VAIUEBCIWfflJI&SANDCtWOOEAOTj 

OF THE HBST PART FOB IMMEDIATE AUCTION 

sntHr2onsBi«i3M 

INSPK.HON FROM 2 PM 

nmwuES0KE0FTIfTawTi/2 
Bsauwaw sun, hwom raiwm, sanaov 

M4 FROM IONDON AND ANTK30CKWIS6 ONTO NEXT fiXIT 

(JUNCTION M). TAKE SOUTHERN PERIMETER HOAD TO " 

ROUNQABOUT AND TURN RJGHI THEN RlGHTAGAlN AT NEXT 
ROUNCMOUl WAREHOUSE 2fl0 YARDS ONUFT . 

7 ALICnONEESft BEAMHEAD UR 


OFT ‘instructed to withhold 
embarrassing information 9 


Yorkshire miners’ chiefs 
seek further action 


BY OUR LABOUR CORRESPONDENT 


LEADERS of the National 
Union of Mineworkers in York- 
shire, the biggest coalfield, de- 
cided yesterday to ask their 
34,000 members to consider tak- 
ing industrial action beyond the 
limited overtime ban due to be 
applied nationally by the union 
from tomorrow night. 

The move reflects the sharp 
differences within the NUM 
over the extent of the action to 
be taken in protest at British 
Coal's revised disciplinary 
code. 

At the same time as the York- 
shire leaders were calling for 
stronger sanctions, delegates 
representing the 13 pits in 
Wales yesterday endorsed a 
. cautious strategy. 

The Welsh area said: The sit- 
uation has to be handled care- 
> folly and we shall not do any- 
thing that would damage pits or 
jobs.* 

The NUM^ national execu- 
tive committee voted on Thnrs- 

S jr to limit the ban so it would 
ect only coal production and 


development work - not essen- 
tial maintenance - and would 
thos not cut the five-day work- 
ing week. 

The onion’s Yorkshire area 
council yesterday criticised this 
as a weak decision and decided 
to prepare for a local ballot on 
tougher action, short of a strike. 
This would be likely to mean a 
frill-scale overtime ban of the 
kind which preceded the 
1984-85 national strike. 

Mr Jack Taylor, the Nun's 
Yorkshire president, said the 
council felt the national execu- 
tive had 'diluted the unity* cre- 
ated by the national ballot ma- 
jority of 77.5 per cent for a baa 

British Coal has meanwhile 
made a video film to be shown 
to miners on Monday to try to 
deter them from supporting the 
baa The corporation has also 
sent each miner a special issue 
of Coal News, its staff newspa- 
per. presenting the case for the 
disputed disciplinary code. 

Copies of the paper should be 
received by miners at their 


homes today. 

The two-minute video film 
features Sir Robert Haslam, 
British Coal’s chairman, and is 
intended to be shown at pit- 
heads at the start each of the 
three shifts on Monday. 

Mr Albert Take, British Coal’s 
North Yorkshire area director, 
warned yesterday: The 

long-term effect of an overtime 
ban on development work will 
be suicidal. If development 
work begins foiling behind, ulti- 
mately you will not have the 
(coal) face capacity/ 

His comments coincided with 
a warning by British Coal in 
■North Derbyshire that all six of 
the area's pits would be at risk 
if the ban bad a serious effect 
on production. The pits are said 
between them to have lost £30m 
over the past five months. 

The ban was given the final 
go-ahead by the N UM after Brit- 
ish Coal foiled to agree terms on 
an initiative by the union on 
Thursday to refer the dispute to 
arbitratioa 


LG. INDEX LTD, 9-11 GR0SVEN0R GARDENS, LONDON SW1W OBD 

Tot 01*828 7233/5699 tuterr Code: IGBt K30 


Dec 


FT 30 

1845/51 

1882/89 


+31 

+31 


*Pt 

Dec 


nSE.100 
2342/49 
' 2388/96 


+38 

+38, 


wuLsmar 

Sept 2533/41 
pee 2557/67 


'.THE PRIME MINISTER ord- 
iered the Office of Fair Trading 
to withhold information from 
.the press at times which might 
cause her difficulties in. ans- 
wering questions in tiie Com- 
mons, Mr Ian Morrison, a Bank 
of En gland ' official who spent 
two years on secondment to the 
OFT, told a debate on the City. 

' . He said: The edict came from • 
Number 10 that press releases i 
should not be released from 1 
government bodies and other. 
■ institutions at certain times be- \ 
cause they could cause her em- 1 
harassment at parliamentary i 
question tune. The OFT, an in- ' 
'dependent body, fell ha line. 
Thi* undermines the indepen-* 
dence of the OFT/ 

Mr Morrison said that tiie; 
. OFT was treated by Ministers as ; 

: an adjunct of the Department of, 
Trade and Industry. Indepen- ' 
dent bodies were needed to ini-: 
Gate investigations into merg- 
ers and takeovers and. tot 
enforce their recommend*/ 
tions. Said Mr Morrison: The, 
powers of initiation mast be: 
outside government to provide '• 


a check on the misuse of power 
and the representation of vest- 
ed interests.* This was particu- 
larly important at a time when 
the Prime Minister was "putting 

yes boys and yes girls at the 
helms of supposedly indepen- 
dent bodies/ 

• Mr Alex Carlile, the MP for 
Kontpuneiy and the party's 

home affairs spokesman, warn- 
ed the City that it must tighten 
self-regulation if it was to head 
off - government intervention- 
penalties for offenders had to 
be tough enough to inspire pub- 
lic confidence - a few months’ 
susp ension was "derisoty and 
unacceptable* punishment for 
anyone involved in serious mis- 
conduct 

"Unless the City puts its house 
in order and is seen to do so by 
the public, it will lose control of i 
an institution which over centu- 
ries ba« donB so much for the 
British economy/ 

The conference approved the 
setting up of a working party 
with a remit to develop policies 
for the City over the next two 


* Mr Carlile said City profes- 
sionals would "welcome a ratio- 
nal, enduring, non-socialist al- 
ternative policy/ He stressed 
that the party should not be 
seen as anti-City and blamed 
the Governmeot for creating 
conditions in which expecta- 
tions in the City 'appear to be 
dominated by greed and an eth- 
ic which causes offence to the 
public. 

"We cannot blame the 30- 
year-old burnt out young execu- 
tive in the City for the way his or 
her life is led if the example is 
being given by fraudulent peo- 
ple at the top of City institu- 
tions/ 

Mr Andrew Philips, who 
chaired a series of pre-confer- 
ence discussions on tiie City, 
said Liberals had no effective, 
folly considered policy on the 
City. 

: He hoped the two-year sto 
would produce a Tiard-head 
but socially-minded policy 
which will work and which will 
be seen in the City not as aaim- 
■ position by some alien political 
force but as sensible 


Midland 
imposes 6 % 
pay rise 

By Jimmy Bums, Labour Staff 

'MIDLAND BANE yesterday im- 
posed a 6 per cent pay increase 
on its 38,000 staff in spite of a 
vote by members of the Bank- 
ing, Insurance and Finance 
Union to reject it and impose an 
overtime baa 

Tber union described the 
bank’s decision as appalling 
and warned it could worsen an 
already highly charged situa- 
tion. Its national executive com- 
mittee is expected to give the 
overtime ban automatic en- 
dorsement at a meeting next 
■Wednesday and the action is 
likely to be under way in the 
bank’s 3,000 branches within 
two weeks. 

Midland said it had decided 
to impose the pay increase after 
union officials had made clear 
this week at talks involving the 
Advisory, Conciliation and Ar- 
'bitration Service that they were 
pressing for substantially more 
than was on offer. 

The management believes 
that the overtime ban will have, 
little or no effect given the dif- 
fuse nature of Bifo’s member- 
ship and the fact that, even on 
the union’s own claim, it does 
not represent 14,000 of the 
88^00 staff 

Bifo says the overtime ban 
was backed by 64 per cent of 
those taking part in a ballot but 
Midland argues that only a mi- 
nority of its staff is in favour of 
industrial action because, it 
claims, more than 60 per cent of 
Bifa members either did not 
vote or voted against 

Midland has been the only big 
clearing bank unaffected by dis- 
ruptive action this summer and 
is the only one in which Bifa 
represents a majority of the 
workforce. 

The ballot on an overtime ban 
followed an earlier vote, de- 
scribed by Bifa as consultative, 
in which 54 per cent of those 
taking part favoured accepting 
tiie offer. 


Institutions seek solution 
to financial skill shortage 


BYJOHNGAPPER 
AN EXTENSIVE study of em- 
ployment patterns and skill 
shortages in the City of London 
is to be carried out on behalf of 
institutions to try to find a solu- 
tion to growing competition in 
the financial labour market 

The study, sponsored by insti- 
■tutions including the Bank of 
England. National Westminster 
Bank and the International 
.Stock Exchange, will seek ways 
of reducing the amount of 
"poaching 1 of skilled staff be- 
tween institutions and from oth- 
er sectors. 

It may recommend ways for 
the City to undertake more 
training of its own staff in areas 
such as accountancy, informa- 
tion technology and administra- 
tion to limit the boom in sala- 
ries before and after 
'deregulation. 

The research, which will cost 
£75,000, is to be carried out by 
the Institute of Manpower 


Studies and will include infor- 
mation from a sample of 1,300 
institutions in London, together 
with 50 detailed case studies. 

Ms Rhiannoo Chapman, Stock 
Exchange personnel director, 
said yesterday the idea had 
emerged from among institu- 
tions that the City had to tackle 
the problem of growing labour 
competition itself 

She added: “We have been 
pinching accountants and com- 
puter operators from other in- 
dustries and creating problems 
for them in terms of salary 
structures. We are aware of 
that, and we know we have to 
stop poaching." 

Ms Chapman said that system- 
atic training programmes for 
City staff would have to be con- 
sidered as part of the effort to 
stop institutions looking at re- 
cruitment in a “parochial, tri- 
balistic way." 


Ford denies charge of 
Belfast discrimination 


BY OUR LABOUR STAFF 

FORD UK yesterday rejected 
claims by Irish-American 
groups that it had discrimi- 
nated against Roman Catholics 
at its plant in Belfast, Northern 
Ireland. 

Allegations of discrimation 
resulted from an incident on St 
Patrick’s Day in 1983 when 
Catholic employees were disci- 
plined after leaving the plant 
before the end of a work shift. 

But Ford said that the propor- 
tion of Catholics and Protes- 
tants among the 800 employees 
at the plant - which manufac- 
tures carburettors, and oil and 
water pumps - was "in line with 
religious groupings in the plant 
recruitment area”. 

A study of employment prac- 


tices at the plant carried out by 
a senior management team 
showed that 38.4 per cent of em- 
ployees were Catholics, 57 per 
cent Protestants, and 4.7 per 
cent of "undetermined religious 
persuasion", some of which 
were assumed to be Catholic. 

According to available statis- 
tics quoted by Ford, the Catho- 
lic population within the re- 
cruitment area is between 30 
and 40 per cent 

"Within Ford's Belfast plant 
there has been no evidence of 
the animosity that exists be- 
tween religions groups out- 
side„.On the part of both reli- 
gious groups within the plant 
there has been tolerance and 
co-operation at every level', the 
m a n agement study concluded. 


Part-time workforce in non-union link 


BY JOHN GAPPER, LABOUR STAFF * 


THE RISE in the number of 
part-time workers may reflect a 
growth in the number of compa- 
nies which do not recognise 
unions or lack formal negotiat- 
ing and discipline procedures, 
an Employment Department re- 


The study finds that a larger 
proportion of the workforce has 
tended to be part-time at estab- 
lishments where unions are not 
recognised or where there are 
no formal procedures for deal- 
ing with pay and conditions or 
disciplinary matters. 

Taken with recent surveys 
showing that a growing number 
of workers are employed 
part-time, the study indicates 
the big size of the task facing 
those unions that have 
launched recruitment cam- 
paigns specifically targetted at 
part-timers. 

According to the study, about 
12 per cent of the workforce is 
part-time in establishments 
with recognised manual unions 


-compared with 22 per cent 
where unions are not recog- 
nised. There is a "broadly simi- 
lar” picture for white-collar 
staff 

The study - based on analysis 
of the 1980 Workplace Industri- 
al Relations Survey - identifies ■ 
the typical "part-time using es- 
tablishment* as being large, in 
the private service sector and 
having an "informal pattern” of 
industrial relations. 

It also finds a 'strong assoca- 
tion" between industries relying 
heavily on part-timers and 
those employing large numbers 
of women. In eight of the 12 in- 
dustries identified as 'part-time 
using," women make up more 
than half the workforce. 

About 75 per cent of all part- 
timers are said to be concen- 
trated in these 12 industries, 
which include food, textiles and 
leather, clothing and footwear, 
education, medical services, ho- 
tels and pubs, insurance and 
other services. 


Part-timers constitute 11 per 
cent of the workforce in estab- 
lishments with formal proce- 
dures compared with 2J per 
cent in those without From the 
employee side, 72 per cent of all 
workers have formal proce- 
dures at their place of work, but 
only 57 per cent of part-timers 
da 

The study points out that the 
growth in part-timer working 
may not be led by employer de- 
mand but may be a response to 
a wish for flexible work pat- 
terns on the part of the "large 
body of female workers who 
make up the bulk of part-time 
employees." 

It also comments that the 
growth 'seems to have conveyed 
benefits on both employers and 
employees.* 

Part-time Employment in Great 
Britain by David Blanehfloxaer 
and Bernard Carry. Department 
of Employment Research Paper 
No 57. 


FORCED DISPOSAL 
HIGHLY IMPORTANT 

PUBLIC AUCTION 

OF SEVERAL HUNDRED EXCEPTIONALLY FINE 
AND MEDIUM QUALITY- HANDMADE 

PERSIAN CARPETS 

RUGS & RUNNERS 

and others from the more imports* weaving centres of the East Included are many antiques ad other unusual items, not 

generNV to be found on the Honra martet This merchandise Is {he property of a number of principle direct importers In the 
ILK. which has risen from 

CUSTOMS BONDED WAREHOUSES 

to be deposed at at a nominal or no reserve far immediate cash reabaiion. Bwy Item gnranteed authentic Expert advise 
at time of viewkig. To be tran^ered from bonded warehouses and transferee! from the EngBsh speaking union Dartmouth 
House (adjacent to Chesterfield HoteQ, 37 Charfas Street London. Wl, on Sunday, 20 September, at 330 tun. 

VIEWING ONE HOUR PRIOR TO TIME OF SALE 

Persian, Tirttsh and Caucasian and others Inducting Hasten Islamabad Kazak Russian Bokhara Kerman Isfahan Meshed 
Beloustes, Pire Stic Hereto with gold thread Prayer Ffrqp, VBage and Trial Rur KeGms and Sadttiebags. 
Auctioneer oote owing to We urgency of massing immediate cash these /terns are be/ng offend under tastnxSions to 

ensure complete cSsposaL 

BALUNGT0N GRANGE LTD. 

28 Rossfyn Hitt,. Hampstead, NWS 












Otises feturtay §#9tew**r WiiS? 


PINANCIALTIMES 

BRACKS HOUSE, CANNON STOffi; LONDON EC4P4SY 
Telegrams Friantimo, London PS4.Tetex; 8954871 
Tetenhone: 01*248 8000 


Saturday September 19 1987 


Achievement 
to build on 


THERE ARE two wrong ways 
to react to the US-Soviet agree* 
ment to eliminate intermediate- 
range nuclear forces (INF), 
which has now been reached M in 
principle" and seems virtually 
certain to be signed by the end 
of the year. 

One. which should by now 
have been sufficiently warned 
against, is to greet it as of 
and by itself ushering in a 
wonderful new era of detente 
in which, as Lord Carrington 
so biblically put it in his 
address to the Royal Institute 
of International Affairs on 
Thursday, we should expect to 
see “lions lying down with 
lambs or T-72 tanks being 
beaten into Ukrainian tractors.” 

The other is to bewail it as 
the opening of a great breach 
in western, and more particu- 
larly West European, security. 
According to this theory, the 
real reason for deploying 
American INF missiles in 
Europe was to fill a credibility 
gap in the US nuclear 
guarantee— the problem being 
that a US president could not 
credibly be expected to 
initiate an intercontinental 
nuclear exchange, leading 
almost certainly to the destruc- 
tion of the United States and 
probably of civilisation as a 
whole, as a response to an 
attack an western Europe by 
the Warsaw Pact 

As a matter of history it is 
true that this argument promp- 
ted Chancellor Helmut Schmidt 
to persuade other west Euro- 
pean governments to join him 
in requesting the deployment of 
such missiles in the first place. 
But many defence experts on 
both sides of the Atlantic were 
never convinced by it. 

Politically acceptable 

Many such experts never be- 
lieved that the " Europussiles ” 
were a military necessity even 
to counter Soviet SS-20s. What 
was indisputable was that poli- 
tically they were much easier 
to sell to west European public 
opinion on that basis and that, 
with time, the correction of the 
imbalance in this category of 
weapon became a crucial test 
•of western unity and resolve in 
the face of all kinds of Soviet 
blandishments and pressure. 

Happily, Nato has passed that 
test. The missiles were de- 
ployed, and now Mr Gorbachev 
has accepted the zero option, 
agreeing to purchase the des- 
truction of the American mis- 
siles with the destruction of the 
much larger number in his own 
armoury. To regard this as a 
diabolical blow to western 
security and cohesion requires 
a degree of perversity amount- 
ing to masochism. No west 
European should sleep less 
easily at the thought of the 
SS-20s, and indeed some shorter- 
range missiles, being destroyed. 
On the contrary, we all have 


good reason to feel that much 
safer. 

But only that much. The two 
superpowers still have strategic 
weapons of many varieties 
pointed at each other, and at 
each other's allies, threatening 
the entire population on both 
sides with destruction many 
times over. Mr Gorbachev has 
suggested that an agreement 
to halve these arsenals on each 
side could be reached by the 
middle of next year; but it is 
not yet clear whether he meant 
he was no longer making such 
a deal conditional on the aban- 
donment of President Reagan’s 
Strategic Defense Initiative. 
Unless he meant that, the world 
is likely to have to wait at least 
until 1989 for any real progress 
on strategic arms reduction. 

European fears 

In Europe there are also 
“ tactical ” nuclear weapons, 
particularly disliked by the 
Germans who know that it is in 
Germany, East and West, that 
they might one day explode. 
Some Germans fear that the 
removal of INF. by widemng 
the gap between tactical and 
strategic weapons, may make 
the former seem that much 
more usable. 

But the same reasoning 
applies far more forcibly to the 
next stage down — the re- 
lationship between tactical 
nuclear weapons and conven- 
tional weapons. Here there is a 
deep structural imbalance in 
Europe and there can be no 
doubt that, the further nuclear 
disarmament goes, the more 
vulnerable many west Euro- 
peans will fed to a hypothetical 
Soviet conventional attack. 

If European fears are not to 
become a severe brake on the 
process of detente and disarma- 
ment, it is essential for the 
conventional and nuclear dis- 
armament talks to proceed in 
tandem. Precedent, to judge by 
the long, sterile years of talks 
on “Mutual and Balanced 
Force Reductions” in Vienna, 
is hardly encouraging, and the 
new formula for “ Conventional 
Stability Talks’* is not intrin- 
sically any more promising. 

If there is a chink of hope. 
It comes from the new “-defen- 
sive " military doctrine pro- 
claimed by the Warsaw Pact 
and from the willingness of 
Soviet arms control specialists, 
at least In informal discussions, 
to admit the need to correct 
imbalances in conventional 
forces and to discuss those 
forces' structure as well as 
their size. If these statements 
are followed through in serious 
negotiating positions when the 
talks start (presumably some 
time this winter), there may be 
real hope of progress. That 
would certainly be the area of 
arms control in which a new, 
improved climate of east-west 
relations could bring the most 
tangible benefit to Europeans. 


ARMS CONTROL 


A deal which 
cannot hide 
the divisions 


r S A nna K.n:iifK- [n-|- ,n prin- 
ciple reached last night 
between the US and the 
Soviet Union on a treaty to 
abolish intermediate-range nuc- 
lear forces (INF) worldwide is 
undoubtedly more important 
politically than it is militarily. 

Though more than 1,000 
nuclear missiles with a range of 
between 500 km and 5,000 km 
will be eliminated — with the 
Soviet Union having to destroy 
many more warheads than the 
US — these represent no more 
than 3 to 5 per cent of the two 
countries' nuclear arsenals. 

Nevertheless, one has to start 
somewhere — as Mr George 
Schultz, the US Secretary of 
State, said yesterday at a press 
conference following the con- 
clusion of three days of inten- 
sive talks with Mr Eduard 
Shevardnadze, his Soviet oppo- 
site number. 

From the point of view of 
East-West relations in general 
and the bilateral relationship 
between the US and the Soviet 
Union in particular, there can 
be no doubting the significance 
of the first-ever agreement 
involving the destruction of 
nuclear weapons and the first 
superpower arms control accord 
since the unratified SALT H 
agreement of 1079. 

Technical details still need 
to be settled at a meeting 
between the two foreign 
ministers in Moscow next 
month. Bat both sides have 
expressed determination that 
an INF treaty will be signed 
at a summit meeting between 
Mr Ronald Reagan and Mr 
Mikhail Gorbachev in Washing- 


ton in the autumn. 

It was symbolic of the 
political will on both sides that 
the main obstacles to an agree- 
ment— the Pershing 1A missiles 
owned by West Germany, bat 
with warheads controlled by 
the US— was overcome in a 
commonsense manner. 

Moscow had demanded that 
the missiles be included in a 
treaty, but the US had con- 
sistently refused arguing that 
“third country” systems, which 
included the British and 
French nuclear forces, were 
not a matter for negotiation. 
In any case, the INF treaty was 
about missiles and not war- 
heads, the US repeatedly 
pointed out- 

Mr Helmut Kohl, the West 
German Chancellor. had 
smoothed the way to breaking 
the deadlock by undertaking 
that Bonn WOUld Hisnuinrtg its 
72 missiles once a superpower 
INF agreement was imple- 
mented. That left untouched 
the US warheads for these 
missiles, however. 

The solution finally agreed 
by the two sides was that when 
the missiles themselves were 
eliminated, the warheads would 
be dealt with like any others. 
Their nose eones would be de- 
stroyed. but their contents— the 
fissionable material and guid- 
ance systems-^would be re- 
turned to the nuclear arsenals 
of their respective countries of 
origin. 

The timetable for phasing 
out medium-range missiles 
remains a problem to be 
worked out by the two foreign 
ministers at their meeting next 


month. 

But this, as the Secretary of 
State emphasised, is essentially 
a technical problem to do with 
the time needed to destiny the 
chemical substances in the mis- 
siles, on which the US and the 
Soviet Union had different 
views. It would not be allowed 
to stand in the way of final 
signature of of an INF pact. 

The euphoria about the 
imminence of an INF agree? 
ment should not be permitted 
to obscure the fact that cm the 
major issue of strategic nuclear 
missiles (START) and the sen- 
sitive issue of Mr Reagan's 
“Star Wars” initiative, the 
gap between the two sides is 
still very large. "There is a 
great deal of work to be done 
beyond any INF agreement, " 
Mr Shultz warned yesterday. 

Though the US tended to pot 
a more optimistic gloss oa what 
had been achieved in this field 
than the Soviet Union, it is 
plain that the link Moscow has 
established between a START 
agreement and its demand that 
the US abandon its space 
defence project remains as 
large a problem as ever. 

Mr Shultz indicated that 
progress had l wen made on the 
numbers and categories of 
strategic missiles to be retained 
by each side in the content of 
a 50 per cent overall reduction. 
He also said that tile US had 
tried to reassure Moscow about 
the Star Wax? project by offer- 
ing a concession on the period 
during which the US would 
undertake not to withdraw from 
the 1972 Anti-ballistic Missile 
(ABM) Treaty, which controls 




’ 

t 

- 


■ 


* i> ; 


■ : j i-- 


J - 


, 5 *-" 


the anti - missile defensive 
systems of both sides. The US 
and the Soviet Union have at 
least agreed oa the concept of 
a non - withdrawal period, 
though its length remains to 
be determined. 

Yet the fact remains that thp 
US Administration intends tp 
go ahead with its Strategic De- 
fence Initiative (SDD, as yes- 
terday’s decision by the Penta- 
gon to speed up research in key 
areas of the project makes 
clear. Whether real progress 
has been made on what is the 
correct interpretation . of the 
ABM treaty or what does or 
does not constitute testing of 
space defence weapons, is 
doubtful. Certainly, Mr Shev- 
ardnadze sounded a warning 
note when he said that much 


Colder 4^ In Rayidarik 

more progress was needed on 
dm related .issues of strategic 
and space defence weapons be- 
fore tiic summit. 

Doubtless: ten. the basic arms 
control concepts of this tiro sides 
remain very different. At his 
final cress conference, Mr 
Shevardnadze said that the two 
countries had made “the first 
major step towards a nuclear- 
free world." 

That is c&rtalnly not the view 
of the US and its North 
Atlantic Treaty Organisation 
allies. Lord Carrington, the 
Npto Secretary General, made it 
plain in a speech at London's 
Chatham House last Friday that 
nuclear weapons would remain 
essential to the Alliance's de- 
fence. He underlined the im- 
portance of Nato's flexible re? 


spouse strategy, which is based 
on a mix of nuejear and con- 
ventional - weapons. Lord 
Caninfiton** warning echoed on 
earlier statement by Gen John 
Galvin, Nato’s supreme com- 
mander in Europe, (hat the 
Alliance should stick to' its com- 
mitment to modernise nuclear 
tactical weapons as a way of 
ensuring continuing nuejear de- 
fence after the medium-range 
weapons have gone. 

A note of caution amidst the 
euphoria la therefore in order. 
The stage may have been set for 
an improvement in the super- 
power relationship and East- 
West relations, but the trail 
blazed by Mr Shultz and Mr 
Shevardnadze is still strewn 
with rocks. 

Robert Mantbner 


Why Mr Reagan has the harder task 


“DETENTE" la a word 
Reagan Administration nfitefoig 
prefer not to use to describe 
the improvement which is tak- 
ing place in US-Soviet relations. 

Their president came into 
office pooling scorn on the way 
his predecessor pursued - that 
concept. In Mr Reagan’s view, 
detente in the style of Nixon 
and Kissinger was a one-way 
street running in Moscow’s 
favour. “The only morality 
they (the Soviets) recognise," 
he said in a speech in 1981, “ is 
what will further their aims, 
meaning they reserve unto 
themselves the right to commit 
any crime, to lie, to cheat in 
order to attain that” 

Mr Shultz was asked in the 
tight of yesterday’s remarkable 
agreement: “Is this the begin- 
ning of the Reagan Administra- 
tion's version of detente? ” 

His answer will have left Mr 
Reagan’s dwindling band of sup- 
porters on the right of the 


Republican Party seething. 
v Well,' 1 he said id a bland 
monotone belying the signifi- 
cance of his words, “ things have 
changed tremendously in the 
relationship between tire United 
States and the Soviet Union... 
we see very worthwhile discus- 
sions and movement in terms 
Of behaviour in the ' human 
rights area, our discussions on 
regional issues have become 
increasingly rewarding, although 
we haven't made any definite 
progress in those fields, our 
bilateral contacts have increased 
and we are readdressing and 
making progress on arms con- 
trol matters. I wouldn’t put a 
label on it and I think there is 
a distinct difference between 
what is going on now and what 
was taking place 10 or 15 years 
wo.” 

It is against this background 
that the next phase of arms 
control negotiations will take 
place. Western military experts 


WHEN EDUARD Shevard- 
nadze made his debut on the 
world stage in Helsinki in July 
1985, all those who saw him 
were inevitably struck by the 
contrast with his predecessor. 
Andrei Gromyko. Earlier that 
month, Mr Gromyko had been 
promoted to head of state after 
28 years of unbroken tenure as 
Soviet foreign minister. 

Gone was the lugubrious and 
taciturn figure of “Old Grim- 
Grom” and in his place was a 
man of the south with a ready 
smile; a man who spoke volubly 
with a thick Georgian accent 
using his hands as he did so: a 
man easily approachable, even 
for the Western media. 

But, of course, the contrast 
was equally striking between 
the authority which Mr Gromyko 
derived from a lifetime of inter- 
national diplomacy and his 
successor's inexperience tin 
foreign affairs. 

Mr Shevardnadze bad spent 
virtually bis entire life in 
Georgia and, so the saying went, 
“ bis only foreign language is 
Russian.” Many observers were 
struck by the awkwardness with 
which he ploughed through his 
prepared speech, the diffidence 
in his public manner, even a 
degree of gaucheness about his 
small talk. 

“ He knew nothing," recalls a 
diplomat who sat in on ‘his first 
talks with one of his Western 
opposite numbers. “But even 
then he bad a rather light 
touch, a humorous way of deal- 
ing with difficult matters. You 
could already see traces of the 
Shevardnadze hallmark.” 

Two years later, as Mr 
Shevardnadze emerges from the 
negotiation of the first major 
US-Soviet agreement In nearly 
a decade, no one any longer 
thanks of him as inexperienced, 
diffident or gauche; and no one 
expects to catch brim out on 
points of detail — unless it be 
the occasional Russian gram- 
matical slip. The consensus on 
the diplomatic circuit is that 
“ he has learnt iris trade with 
remarkable rapidity.” 

la fact, his position as a full 
member of the Soviet politburo 
—and reputedly one of Mikhail 
Gorbachev’s closest political 
associates — gives him an 


Man in the News 


Edward Schevardnadze 

A man of 
the south 
with a 
ready 
smile 

by Edward Mortimer 



authority wi ich Mr Gromyko pc 
certainly lac. ted at a compar-U 
able stage in his career. n 

Gromyko was above all a' 1 , 
professional diplomat; fune* # 
tionary of the state — and in. 
the Soviet Union state officials, ■ 
up to and including ministers, 
only execute policy, which is 
decided by the party. 

So even as foreign minister 
Mr Gromyko was, for a long 
time, quite a junior figure in 
political terms. It was not until 
1973 that he joined the polit- 
bttro, and only when former 
President Leonid Brezhnev was 
visibly losing his grip in his 
last year did Gromyko come to 
be seen as the principal archi- 
tect of Soviet foreign policy. 

Mr Shevardnadze, by con- 
trast, made the transition from 
state to party responsibilities 
in Georgia as long ago as 1972, 


when he was promoted from 
being interior Barrister to the 
First Secretaryship of the 
Georgian Communist Party. 

The promotion occurred in 
'particularly dramatic circum- 
stances. His predecessor as 
party leader, Vasily Mzhavadze, 
had actually dismissed Ur 
Schevardnadze from his mini- 
sterial office for “excess of 
zeal” became of his attempts 
to crack down on local rackets 
m which, as it turned out, the 
party itself was heavily 
Involved. 

Somehow — allegedly by 
going to Moscow with a suit- 
case full of evidence collected 
from police files over the pre- 
vious six years — .Mr 
Shevardnadze turned the tables 
on Mr Mzhavadze and was 
given his Job. So began an 
eventful 13 years as Georgian 


party leader, during which his 
drive against endemic local 
c o rr u ption,' though not 100 per 
cent successful, brought him a 
considerable reputation for 
toughness and efficiency. 

No less Important for his 
future career, however, were his 
bold experiments with econo- 
mic reform on the Hungarian 
model. He allowed factory man- 
agers some discretion to plough 
back or distribute promts, offer 
material incentives to workers, 
and even make decisions about 
production and other operations 
without constant reference to 
Moscow. 

Similar ideas were applied to 
agriculture. The results were 
good; both the declining 
growth rate and the flight from 
the land were reversed; sup- 
plies of consumer goods (and 
consequently overall living 


agree that while removing the 
INF missiles from Europe may 
not weaken the West, it is 
bound to force Nato to fob* 
even harder about the balance 
of conventional military power. 

Administration officials are 
already saying that to meet this 
Challenge the European allies 
need to start building up their 
conventional forces. This is part 
of the broader debate about 
whether an economically less 
dominant America can continue 
to carry so large a defence bur- 
den internationally. A$ trade 
and economic policy issues are 
stirred into this debate, the 
brew could become more explo- 
sive and divisive. 

No wonder even the Admini- 
stration’s own Soviet experts 
are talking about “detente 
two.” But that should not lead 
anyone to ignore Mr Shultz's 
caveats. Washington’s relation- 
ship with Moscow may be 
moving into a more business- 

standards) Improved notably 
faster than in Russia, 

AH this gives Mr Shevard- 
nadze a special status in the 
present context— perhaps the 
only man in the Soviet Union 
who has shown that pere- 
strofka can work in practice. 
Even Gorbachev himself, with 
his more restricted powers 
first as district party secretary 
in Stavropol, southern Russia, 
and later as the pOUttwro 
member responsible for agri- 
culture, did not have the oppor- 
tunity to do that 

Stavropol is dose to the 
Georgian frontier, ami it is 
thought that the two men have 
known each other since the 
1950s. Certainly they have very 
similar ideas on economic re- 
form and on the need for a 
drastic cleansing of the Asgean 
stables of Soviet bureaucracy. 
Notable effects of Mr Shevard- 
nadze’s tenure at the foreign 
ministry have been an increase 
in its efficiency and the pro- 
motion of a new generation of 
hardworking senior officials. 

Precisely because he is so 
dose to Gorbachev, Mr Shevard- 
nadze's personal input Into 
foreign policy proper is very 
difficult to identify. Announce- 
ments of major pew initiatives 
seem always to be made by 
Gorbachev himself, and the dis- 
cussions which most precede 
them remain hidden from the 
outside world. 

No one doubts that the In- 
fluence of Hr Anatoly Dobrynin, 
head of the international 
department of the party’s cen- 
tral -committee, is also extremely 

important. Having served for 
many rears as ambassador in 
the US, he makes up for Mr 
Shevardnadze's lack of experi- 
ence. This arrangement— a 
foreign ministry man In the 
party’s top International posi- 
tion and a party heavyweight 
as foreign minister— -ensures 
great coherence in the imple- 
mentation of foreign policy, 
and there are few i£ any visible 
personal differences. 

It seems a fair assumption, 
though, that Mr Shevardnadze's 
own role within the trio Is grow- 
ing and will continue to grow, as 
he adds foreign affairs ex- 
perience to his already formid- 
able political credentials. 


like phase, but it promises to 
remain convoluted. Yesterday's 
■hjMiring ' of an American 
soldier in East Germany is a 
fragmentary reminder of the 
point. 

Mr Reagan’s rationale for tile 
ansa control agreement 4 
plain enough; it builds on his 
“peace through strength” 
approach. On the one hand 
there win be tough verification 
procedures, on the other the 
Star Wars programme will com 
tinpe. 

Apart from being able to 
claim fidelity to principles, Mr 
Reagan also has the prospect of 
a foreign policy “success” 
which could elevate him as a 
statesman and strengthen the 
Republican Party’s electoral 
platform next year- 

But the president's claims of 
constancy cannot conceal the 
landshift which has occurred. 
The most ferociously anti- 
communist President since the 


. pr mg con, 

„ go nudemg it bWder for 
on the right -to Mock 
former, morq militarily rig- 
pfflqnt deals on spare defences 
and long-range strategic 
mfattw, Here, Mr Rqagsn is 
already giving ground to Con- 
gressional Democrats led by 
Senafpr Sam Nunn- 

AS Of this is underpinned 
in the popular American mind 
by the Gorbachev factor. A 
State Department official 
pointed out last week that polls 
show the promoter of glaanext 
to be the most popular Soviet 
tender of the postwar period 
among both Americans and 
Europeans. 

This newfound Soviet skill in 
manipulating the media has 
time and again put Washington 
on the defensive and made it 
harder for ah American Presi- 
dent to score easy propaganda 
victories with his own alties. 
As -Mr Shevardnadze yesterday 


prpqdly listed the concessions 
Moscow had made to get an 
INF accord, praised Western 
allies (including West 
Germany) for helping to nuke 
it possible **• the word ally wait 
never mentioned by the Presi- 
dent or Mr Shultz — « and 
obliquely inquired About -the 
views of the hardline US 
Defense Secretary Caspar 
Wcinbqezger, it was dear that 
the Soviet peace offensive was 
in fell swing. 

Mr Gorbachev may well thus 
find that his own diplomatic 
task in Western Europe, of 
wooing America’s allies with 
peaee overtures, is easier to 
accomplish than Mr Reagan's— 
which remains to press hixalUes 
to increase their military bud- 
gets, Mr Gorbachev is, to boot, 
a European leader not separated 
from Western Europe by an 
ocean, 

Stewart Fleming 




There are r>40 Stradivari in Hie world 
! But only 2 fO Lead i ne. Hotels'.' 


/ / 

/ 

/ r 

- 

/ 

/ 


Here's where to find them. 

Around iheworid, 210 hotelsprovide the Service, dpcofc 
cuisine a Pr J° detwl which qualify them as 'Leadine 
Hotels of the World Send for our woridwiSe directory Jbr ^ 
xeservatostdephonfi: 0800181123 tuflfeee Great Britain 
and Northern Ireland Outside Great Britain, London (03) 5** 

42!L(> see your travel consultant. 


Name 


Address. 




c Jh^eadin^Hot^softh^maid' 


7. ; . 

- . 


‘ • ■’ * - r .. . 


‘.f 

" *v! 'w _ 

- ! 1 

■ * 

‘cL’-H. - 




r* 

<:--i - 


o.---- , __ 

? r>r V ~ 

mr-.;. 

- . 

.R* > -2. . 

- 

: "H 

- IS ; 

1 Jl * 

>'«!“ -s-rr - 
.* s \’ - ' 

i - o 
.* *« 

V - . 

• v . '■?. : ' 

■ t ‘1^ " 

■\ •:». • 

■|V — * 4* 

t * , 

»; 1-1 * 

^ I ^1. * 

■ V-, 


•- .V- > «, w 


FT8741 




” *' 


Financial, Times Saturday. September 19 1987 




5‘* !* 

^«C4»Ef gj 8 * 
■'; -<*= 

- JSSL 1 * 

* / ;;* - ujc 
• -•-’•OEi' ' .... 


•>iQ$ 


Robert Majfc 


; I-T?i ft! CESr 

" •'-- =£dc ac- 


, i ' " ■vn* ii- 
- ■■■ L‘.’ 

— ' — IEit'1 

Z- ■- Z'] ^Zii *? ’!:* 
jr Jlr Siiz -i 
S.-‘ cX, 

.V ;-.w »;rT- 

: 5 .<c»:l .7 i 

•: wifir. 
• ... : ;*sn oisa' 


;-.ri>i:h:v safe’s 
_* tlf 7V2 3JJ3 

’ ;v?r?r3 la? 

A.r.--r.:i£ 
.^-T-res, if 53 
<r rraaKr&P 
la?* 3 ? 


’i 3 * 

‘‘ 31 . icir&& 

Lr.m S * ' 


Stewart FI® 


All the news that’s fit in colour 


ETVE YEARS ago this week, 
the first copy of USA Today 
spiled . off presses - outside 
Washington and, pronounced 
itself' The Nitioa’s Newspaper: 
-the : first general . interest 
national newspaper to be pub- 
lished hi the US.. 

It was greeted via derision. 
Editors and professors of 
joumaUsm saw its toy colours, 
tricksy graphics end titbit 
stories and dubbed it.McPaper: 
fee news equivalent of junk 
foodv the infantile diet of a 
nation reared on television. 

. -Wall Street had other com- 
plaints. Gannett, USA Today’s 
publisher, was a rock-solid com* 
pabyv For more than 70 years, 
it bad made good money from 
acgnlrinff dim little papers in 
monopoly maricett. 

■ Burta: national newspaper was 
something quite different. In 
toe-’UK .and.. Japan, national 
daffy - newspapers blanket the 
c oun tr y but. the- US newspaper 
market has always- been frag- 
mented among relatively small 
localr and - metropolitan daffies. 
Even a newspaper as .well- 
knows 'and distinguished as the 
Bostpn jSlobe has. a. cirwiiatimi 
little greater than 500,000. 

hi the: mid-1970s, the Wall 
Street Journal pioneered the 
use of satellite printing to pub- 
lish. all over tiie co untry and 
build a circulation of 2m. But 
this .was- a ’- special-interest 
busbies, newspaper which did 


not meet the metropolitan news- 
papers head-on. 

So what was AJ Neuhartb, 
Garnett's dictatorial chief 
ex ec u ti ve, up to? Wall Street is 
now getting its answer. 

Allen Neuharttfs USA Today 
is the greatest success in die 
history of newspaper publish- 
ing. It is the -most popular 
newspaper in the US, claiming 

a readership- of 5.5m and sales 


had to he rescued by Rupert 
Murdoch. 

Mr Neuharth is “the sort of 
man,” a friend once said, “ who 
would go after Moby Dick with 
a rowboat, a harpoon and a jar 
of tartore sauce.” USA Today 
was his obsession. It was the 
project that would turn Gannett 
from a M bunch of shit-kicking 
little newspapers ” Into a group 
as esteemed as the New York 


losing 510m a month because 
of a lack of advertising, he 
staged a mock Last Supper for 
his executives at a Florida 
restaurant, donning a crown of 
thorns and carrying a cross. 

Mr Neuharth has quietened 
down a bit since then, but he 
is as news-struck as when he 
started bis career as a sports 
reporter in South Dakota in 
1950. Now 63 and looking 


James Buchan reports on the first five years of USA Today 


revenues of *25 Om (£152m). 
After: five years of losses which 
would have- crippled a news 
organisation' . weaker . than 
..Gannett * (1986 revenues: 
32£bn), USA Today will report 
a profit in the current quarter 
to 'December — as foreseen in 
Mr Neuharfe’s five-year plan. 
“I . never bet the company,” 
says Mr Neuharth. 

Despite some $4 60m in losses 
from its flagship, Gannett has 
notched- up 7B quartern of un- 
broken earnings growth. Its 
stock price has risen five-fold 
since the launch of USA Today. 
And though the newspaper and 
Gannett are still despised by the 
American news establishment, 
editors all over the country 
have imitated the paper’s lavish 
colour and crisp writing, its 
graphics and even its weather 
report- The nearest UK equiva- 
lent, Eddie Shah’s Today, was 
launched without success and 


Times company and Dow Jones. 
“ We were receiving credit for 
our profits, but not our profes- 
sionalism,” he says. 

In a book published last 
Tuesday*, a Gannett journalist 
gives a barrowing account of 
Mr Neuharth’s single-minded 
pursuit of his goaL Hard-driving, 
foul-mouthed. unpredictably 
savage or considerate, he threw 
himself at every detail of the 
newspaper, from the all- 
important satellite and colour 
printing technology to the 
length of headings and the 
design of street-corner news- 
racks. 

He pushed journalism to the 
edge - of nervous collapse, 
plundered staff and capital 
from the other 89 Gannett daily 
newspapers, and ran through 
no fewer than six presidents at 
the USA Today company. In 
the darkest days of November 
1984, when USA Today was 


more than ever like a matinee 
idol, he has retired as Gan- 
netfs chief executive. But he 
remains its chairman and 
highest-paid general reporter, 
on a salary of $lJ5m a year. 

In the study of his sea-front 
home at Cocoa Beach, near 
Cape Canaveral, there are five 
television sets and a USA Today 
newsrack with the day’s paper 
on sbow in the window. He 
bashes out . his relentlessly 
cheery and patriotic stories on 
a 1928 Royal typewriter, one of 
six mat are cached about the 
Gannett empire for his use. 
Like many great newspaper 

S hlishers, Mr Neuharth is all 

m_ 

But there is no questioning 
his business sense. The key to 
success was satellite printing. 
The US was always thought too 


far-flung for a single newspaper, 
even if delivered by air. “It 


even if delivered by air. “It 
seemed to us that some form 


of national daily print was 
inevitable once the satellite was 
harnessed,” he says. 

Gannett, wtuch was printing 
in 30 out of 50 states, was 

positioned as no other 
company." 

The market Mr Neuharth 
wanted was simply himself 
multiplied : rootless, sports- 
mad, what Madison Avenue 
calls “upscale.” and impatient 
with the ponderous and worthy 
fare of the metropolitan Ameri- 
can newspapers. 

"We wanted to provide a 
newspaper for the television 
generation: colourful rather 
than dull, fast-paced rather than 
boring and slow. We borrowed 
heavily from television and the 
news magazines and we de- 
veloped a writing style of our 
own?’ he says. The distinctive 
blue-and-white newsracks were 
designed in the shape of tele- 
visions. 

His editorial approach. 
Inherited by John Curley, 
his successor as chief execu- 
tive, has won grudging support. 
Even his critics admire the 
sports and business sections of 
USA Today, which are packed 
with information, much of it 
tabular and all of it well 
presented. 

It is the main news section 
that is criticised. The coverage 
is patchy, editorial comment is 
uncontroversial, the tone is 
wearisomely upbeat and there 
are many stories based on 



statistics of the pub-bore 
variety. One such story in 1983 
was headed MEN. WOMEN: 
We’re still different 
“USA Today presents itself 
as a newspaper. In fact, it is a 
daily magazine,” says Ben 
BagdQtian, a professor at the 
University of California, at 
Berkeley, who fiercely dislikes 
Gannett “It is a poor diet for 
people who think they are get- 
ting serious news,” Mr Neuharth 
himself accepts that the paper’s 
front page is too “ soft” 


Critics also say that USA 
Today’s claim on the No 1 spot 
is tenuous. The most recent cir- 
culation figure of 1.5m copies, 
including about 200,000 de- 
livered free by hotels and air- 
lines, is well short of the Wall 
Street Journal’s 2m in paid cir- 
dilation. Both numbers are shy 
of Mr Neoharth’s original five- 
year target of 2.Sm. 

The readership is also fra- 
gile, with the bulk of sales still 
being done through newsracks 
and as a second read. And the 


paper lacks the local news and 
advertising that make re.-ponai 
newspapers indispensable. 

"It’s tougher to hold readers 
than if you’re the monopoly 
newspaper in Utica, New 
York,” says Mr Neuharth. “We 
may be a national institution, 
hut we’re not a national tradi- 
tion yet” 

* The Malting of McPaper: The 
Inside Story of USA Today, by 
Peter Prichard; Andrews, Mc- 
Meel and Parker, Kansas City; 
$19.95. 


AS THE board of the Royal 
Opera . House Cavern Garden 
last night wrestled with its 
latest crisis — a dispute with its 
chorus over pay — it must be 
wondering when it will be in a 
position to confine its dramas 
to the stage rather than to front 
of house. 

The intransigence of the 
chorus in seeking parity with 
colleagues . at the . English 
National Opera forced Covent 
Garden to delay the start of its 
new season. Six performances 
have been cancelled, with an 
immediate loss of £240,000 of 
revenue. Forward bookings have 
also suffered. 

The dispute could not have 
occurred- 'at a worse time for 
the Royal Opera House. As the 
main beneficiary of state aid 
for the arts, ft is also trie chief 
victim of the Government’s de- 
termination to force arts 
organisations to fend more 
effectively for themselves. This 
year. Covent Garden’s Arts 
Council grant was raised , just 
1 per cent; to flSJhn; for the 
next two years it has been told 
to expect only 2 per cent 
increases — a cut in real terms. 

Such treatment of Co vent 


Garden is not unpopular among 
other arts institutions in the 
UK which are jealous of its 
almost 10 per cent slice of the 
total Arts Council budget. But 
the Opera House would argue 
that in an international context, 
it is clearly unfair. Its reliance 
on subsidy has been falling and 
sow accounts for only 48 per 
cent of its income. Rivals abroad 
get much more from the state 
— Paris Opera receives 85 per 
cent and Milan's La Sc ala 73 
per cent. 

The cut in subsidy in the cur- 
rent year presented the Opera 
House with a projected deficit 
of £2m. It has been warned of 
dire conseqences if it does not 
Tnnnajp, to balance its books by 
1990 so, faced with limited 
options, it increased its seat 
prices by 40 per cent for the 
new season. The top seat price 
rose from £42 to £70. This 
should produce an extra 
£700,000 in income — but this 
still, leaves a. nasty shortfall, 
made progressively worse with 
every performance cancelled be- 
cause of the dispute with the 
chorus. 

. This is the. depressing situs- 


The plight at the opera 


Antony Thorncroft looks at the troubles at London’s Covent Garden 


tion that Sir John Sainsbury, 
the new chairman of Covent 
Garden, faced when he returned 
from holiday this week. He is 
loath to concede defeat to the 
chorus, mainly because the 
knock-on effect on other Opera 
House staff could be financially 
disastrous. As Mr Paul Findlay, 
the newly appointed opera 
director, says, “we have no 
money. We are in debt to over 
£lm. Any responsible board 
would say we are spending 
money that we do not have.” 

Yet quick economies are out 
of the question. An opera house 
must plan at least three years 
ahead. Decisions have been 
made about the Covent Garden 
repertoire up to 1990, and con- 
tracts signed with artists. Can- 
cellations and alterations are 
expensive. 


Also, with payroll costs 
accounting for almost 70 per 
cent of expenditure, there is 
little oportunity to make sub- 
stantial savings without sack- 
ing staff. All the Opera House 
can do is attempt to maximise 
revenue. Another rise in seat 
prices is a real possibility, and 
patrons will be expected to pay 
much more for performances by 
the big names— the Domingos 
and Pavarottis. 


Apart from higher seat 
prices Covent Garden will 
launch a subscription scheme in 
the New Year and attempt to 
Increase its marketing and 
merchandising income. It seems 
to have come to a temporary 
plateau in its efforts to persuade 
business to sponsor new produc- 
tions — it brings in £3m a year 
from sponsorship of all kinds. 


It also has limited opportunities 
of attracting a larger audience 
— its average attendance of 85 
per cent last season was good 
by any standards. 

On top of Its financial prob- 
lems Covent Garden bees an 
image crisis which is perhaps 
just as worrying. It consistently 
gets a bad press. When it 
attempts to economise — as it 
did at tbe end of last season by 
mounting a long run of per- 
formances of Puccini's sureflre 
success La Boheme — it is 
criticised for lacking imagin- 
ation. When it attempts some- 
thing new— last season saw an 
unusual production of Wagner’s 
The Flying Dutchman — it finds 
itself butchered by the critics. 

When it buys into overseas 
productions, over which it has 
little creative control, it is ham- 


Employee 

shares: 


Letters to the Editor 


From the Executtoe Director ; 
Job Ownership 
Six,— -In your main leader 
" Capitalism, thinly spread 
(September. 15) you are upder^ 
st amiably a- little sceptical 
about the ghrira; of Mr Nigel 
Lawson, to have e ffe c t ed a 
“ major cultural . __ change ” 
through spreading industrial 
share ownership — substan- 
tially, in your phrase “ as a 
by-product -of the privatisation, 
progr a mme." Those of us who 
believe that employee share 
ownership (mid employee 
ownership In the wider sense) 
is -a potentiaaiy more effective 
instrument for achieving the 
desired cultural change w£U : 
share your scepticism. . . 

--There, is all the difference in ' 
the -world between the feelings 
of an employee who owns a | 
“stake * in - fee “ action " of 
bis own. company sod those of 
tbe^samfe ; employee who bap- ' 
pens' to . have held on to a. 
parcel; 'of .' shares. In British 
Telecom; The latter may just 
possibly have a-’greater interest , 
in the wealth creation process 
than he ; would: do without his 
BT .shareholding. . But the 
former's interest in the success 
of ids own: company is qualita- 
tively different .Anyone who. 
has 'attended -. the ;. annual 
general meeting -off companies' 
whi&t : aro-.*predondnantly - em- 
ployee- I owned ■— like • .the 
National Freight Consqrtiumv dr 
the "BaxL ' Partnership -r= ' wDl 
testify -to that, n • ' t • ' • ; 

Moreover without a stake .In 
Ms tor her business, I suspect 
that: the attitudes of the typical 
employee -.'would remain much 
the same,. -even if -— through 
those majotvehariges in -the tax 
system which yon admit are 
infextobalffe — his or her parcel 
of . BT shares was replaced by 
a - small'; individually, owned 
equity portfolio. Surely most of 
us - ; Whn have been -or are small:, 
shareholders • in - ■ b u si n e s ses' 
wife WfaSCh we. have! ; no, other 
connectiton - find it afl. but inv 
passftge-- iorrumstervany.- . xett: 
feeifega- loysdty. - towards 
t hem : -- Irritation wife almost 
endless eJrcoi&rs Is -likely to lie 
a common reaction.' 


piecemeal measures. Unlike 
their counterparts in Britain, 
trustees of an American ESOP 
may borrow money to buy 
shares in their sponsoring com- 
panies on behalf of employees 
and they may then use pre-tax 
dollars to pay off those loans 
and meet interest charges on 
them. The existence of this 
enabling legislation is the 
single most important reason 
why employee ownership has 
spread so much more exten- 
sively over there than over 
here. ' Yet government con- 
tinues to resist proposals to 
introduce similar measures in 
Britain. And for one reason or 
another your leader writer 
chose to.ignore the question. 
Robert Oakeshott. 

9, Poland St, WL 


Ah honourable 
trade 


From the Managing Director, - 
Arthur Bartfeld Group. 

Sir, — I was most interested 
to read. the article (September 
12) about tbe West German fur’ 
trade. As a third generation fur 
trader who has been frequently, 
attacked and misquoted by 
What, you describe as the “UK 
■glitter. Press” it is a relief to 
find ah honest straightforward 
I report about our trade instead 
of, the misguided sensationalist 
attacks to which - we have 
recently been exposed and to. 
which- we have unfortunately 
become accustomed. 

-I would, however, like to 
point out a few errors in your 
article. My maternal grand-' 


father (originally from Russia') 
and my father, both Jewish tor 
traders from Leipzig, as well 
as: other Jewish traders, did not 
■leave’ Leipzig tor London and. 
New- York because of the 
“Nazis tight exchange controls” 
—they considered it prudent , to 
evade the gas chambers.-- The: 
local German fur. trade moved' 
to Frankfort, but the inter-, 
national “Far capital of the 
world” became London-- -and 
even- today London- fur. oxer-' 
(giants end brokers handle 60 
per cent of all Russian tors, 50 
per cent of all Scandinavian 
furs and a large proportion of 
fee Canadian and American fur 
production. The considerable 
value of fee international fur 
trade to the UK economy is 
generally unknown or* ignored. 

I also wish to comment on 

The recent cross-Channel 
squealing over cats.” All Euro- 
pean catflrins that are used in 
fee trade come from dead ani- 
mals feat have been put to 
sleep by vets. Vets kill animals, 
not for traders. If you- handed 
me a cat and asked me to kQl 
itr-X would not know how or I 


If 'this - analysis ' is -correct 
then tax and -ether measures to. 
encourage fee further spread 
of employee ownership are 
likely to change attitudes— and 
fens improve performance — 
much more directly than any 
of fee ; various' 'alternatives. 
Partly for reasmis which you' 
speH out, fee best approach is 
probably a piecemeal and 
experimental one. The obstacles 
to a major reform of the -tax 
system are just too formidable 
to be realistically proposed. 
But if a- piecemeal approach 
was adopted then the expert-: 
ence of employee stock owner- 
ship plans (ESOPs) la the US 
points us to what would be the- 
single most- desirable set- of 


where to start and quite frankly 
would be incapable of tbe deed. 
Tbe cat is the only fur bearing 
animal that is not killed for its 
skin but because it is sick or 
unwanted. Accusations -in the 
press that people’s pets are be- 
ing stolen at night and sold to 
fee tor trade are absolute non- 
sense and totally ridiculous, 
which can be proved by the low 
value of fee article. Who, in 
his right mind, would go out at 
ought to steal a pet, kill it, skin 
it- (a messy business)- and 
smuggle it into a legitimate 
trade all tor one pound? An 
unusual -side effect of anti-cat- 
tor articles in fee press is that 
they regularly stimulate ' de- 
mand for the product they are 
trying to attack. 

Let me enlighten you on a 
few facts about fee trade. Pure 
are comparatively less expen- 
sive today than they were 20 or 
more years ago. With the ex- 
ception of a few items they are 
no longer Deserved tor the 
“mega rich” but are available 
to alL. FUrs are a necessity in 
cold climates and a fashion 
item elsewhere, beyond US and 
Germany. Italy, Spain and 
Japan are also major markets.. 
It is an extremely honourable 
trade. Contracts tor hundreds' 1 
of thousands of pounds are 
made by- word of mouth. Writ- 
ten- contracts are not needed. 
The trade is one of the leading 
supporters of conservation. We 
have 'been active in conserva- 
tion for decades, long before it 
became fashionable. If all 
animate were killed, what would 
happen to our business? No 
reputable tor trader worldwide 
will handle skins originating 
from endangered species. 

' Despite attacks on our trade 
front numerous sources, the 
1986-87 season showed excellent 
retail sales worldwide and con- 
siderable advances in raw skin 
prices. These attacks havel 
generally affected primitive 
people much more than fur 
traders and have not necessarily 
advanced the situation of any 
species. Frequently fee oppo- 
site. 

Peter N. Bartfeld. 

62 Upper Thames Street, EC4 


back scheme, shares on top of 
, cash. 

It is to be hoped that before 
long the Government will pro- 
vide an official linkage between 
cash schemes and share 
schemes. I suggest that com- 
panies should initially register 
PRP schemes for one or two 
years, ready to re-register with 
modifications when and if the 
Government allows this quite 
reasonable linkage. In any case, 
the companies may want to 
modify their schemes 'in the 
light of experience. 

George Copeman, 

10 Buckingham Place, SWL 


No mean 
City 

From tbe Chairman, Planning 


Profit-related 


pay 

From the Chairman, 

Copeman Paterson 
Sir,— Mr Laurie Brennan 
(September 15) has listed well 
fee advantages of profit-related 
pay. I would go further and say 
feat one of th e two permitted 
methods of applying the system 
Is highly motivational. It could 
encourage employees to - strive 
for a , quadrupling of profits. 
Moreover, one can do a Piggy- 


and Communications 
Committee, 

Corporation of London 
Sir,— Most of the points made 
by Clean (September 15) are 
not new. They appeared in the 
report “Mean City” published 
in July 1986 and also featured 
is the objections to fee local 
plan for fee City on which a 
public inquiry was held earlier 
♦hta year. In fact Clean spon- 
sored over 100 objections to the 
plan and appeared regularly 
before fee inspector to argue 
fhrfi* case during fee summer. 
The inspector’s report is still 
awaited and therefore the 
I validity of tbe argnments which 
' Clean put forward has not yet 
; been confirmed. Tbe impression 
which one gains is feat Clean 
is -a small group of self- 
appointed critics of the Cor- 
poration who can show no real 
public support for their , 
opinions. Nor axe fee assertions 
in the latest manifesto sup- 
ported by hard evidence. Indeed, , 
the policies of fee Corporation 
are. grossly misrepresented in 
fee report 

- Take for example the asser- 
tion feat fee Corporation 
favours “traffic at fee expense 
of pedestrians." For many yeare 
the Corporation has consistently 
pursued a policy of diverting 
traffic away from fee congested 
centre and this has been backed 
by repeated exercises in public 
consultation and evidence from 

expert bodies. Mr Allan of Clean 
has equally consistently opposed 
fee highway improvement 
schemes that are fee essential 
prerequisite for freeing streets 
at the historic heart of fee City 
for possible pedestriarusation. 
The inevitable consequence of 
My Allan’s policies would be to 
impose on adjoining boroughs 
fee increased congestion due to 
the City not looking after its 
own traffic problems. 

Nor is it correct that the 
Corporation encourages com- 
muting by car. Pricing policies 


The price 
of milk 


From Mr O Doxodtng. 

Sir, — You reported (September 
14) that the price of milk was 
to rise by lp in October due to 
increased prices paid to pro- 
ducers. If only that were fee 
case. 

Producers currently receive , 
about 8-Sp per pint (depending 1 
on quality). Their share of tbe I 


penny increase will be less than 
0.4p. This is less than the rate 


0.4p. This is less than the rate 
of inflation, as it has been for 
many years, thus leaving farm 
incomes at feelr lowest level, in 
real terms, since the war. 

Furthermore, the farmer will 
be unlikely to receive this much, 
as the increase only applies to 
milk sold on the liquid market, , 
or 48 per cent of supply. 

The Dairy Trade Federation 
has tor years enjoyed a cost- 
plus system of price increases, 
and always blame them on 
higher prices paid to farmers. 
The practice will have to end, as 
fee facts do not support fee 
case. 

Oliver Dowding, 

Bill Farm House, 

Shepton Montague, 

Wincanton, Somerset 




mered for putting second-rate 
material on the Covent Garden 
stage. Yet without such cost 
saving deals, operas such as 
Rossini's La Donna del Lago 
would never be seen In London. 
When it employs Piacido 
Domingo at over £10,000 
a performance it is criticised 
for deferring to the star system, 
even though such bookings are 
a good investment in terms of 
box office appeal. 

It is likely that Covent Gar- 
den will go some way to meet- 
ing the objections of its 
critics. In the next few years 
it will use top British singers 
more frequently, it is also plan- 
ning to arrange performances 
of some ofthe popular successes 
created by the regional opera 
houses, such as fee Welsh 
National Opera. 


For too long Covent Garden 
has been resting on its laurels, 
bemoaning fee fact feat it does 
not attract similar state sub- 
sidy to the world’s other lead- 
ing opera houses. But its domes- 
tic rival, the ENO. has pros- 
pered on half fee level of Arts 
Council grant by concentrating 
on performing in English with 
home-grown singers, and by 
giving an impression of 
imaginative programming, 
which ensures fee support of 
sponsors. 

An even more threatening 
parallel to the Royal Opera 
House is Glyndeboume which 
receives no subsidy at all for its 
main summer season. Glynde- 
bonrne survives by attracting 
reasonable singers, who are 
prepared to accept modest fees 
because they enjoy fee atmos- 
phere of fee place, and by 
building up a waiting list of 
prospective sponsors, wbo appre- 
ciate its entertainment facilities 
— which are far superior to 
wbat Covent Garden can offer. 

The feeling at Covent Garden 
now is that things are so bad 
they can only get better. As 
fee Garden’s new management 
team takes over — apart from Six 


John Sainsbury and Mr Paul 
Findlay, Mr Jeremy Isaacs 
moves over from Channel 4 next 
year as general director — 
morale may recover. 

And fee board is planning a 
more popular approach for fee 
1990-62 period. It is actually 
looking forward to the two years 
of exile that follow during 
which fee Opera House bs to be 
renovated — and Covent Garden 
wall be forced to experiment. 
One scheme much favoured is 
seasons of opera classics like 
Verdi’s Aida at fee Royal Albert 
Hall. 


But such enfeusiam would be 
quickly dissipated if fee strike 
continued. Within two weeks 
Covent Garden will have to 
decide fee fate of its main new 
production of 1967-88. Wagner’s 
Parsifal, which still, signifi- 
cantly lacks a sponsor. It has 
already had its budget halved 
in line wife fee economy drive 
which has extended to fee sets 
and costumes, but its cancella- 
tion, or postponement, would 
tell fee world tha* fee current 
malaise at fee Royal Opera 
House is critical, if not 
te rminal. 


at its multi-story car parks 
deter all day parking but it 
would be tor too drastic to 
forbid such parking altogether. 

Mr Allan complains about the 
lack of open spaces and their 
quality — in fact, there are more 
than 140 and the City has once 
again won a major award for ! 
its planting schemes which are 
the source of admiration 
throughout the capital. 

As to, sports facilities, there 
are of course many provided 
privately which are proving 
popular with City workers. 
Given fee fact that land ia 
in extremely short supply and 
is very expensive, it would be 
totally unrealistic for the Cor- 
poration to seek to acquire 
sizeable areas tor sports facili- 
I ties. Moreover, most of the 
City's rate is diverted to outer 
London boroughs precisely 
because it is felt to be more 
appropriate to have social 
facilities where people live 
rather than where they work. 
While the private sector is 
I adequately meeting the demand 
I for specialist sports faculties, 

I there is no adequate reason 
why ratepayers’ money should 
I be used for the same purpose 
, and we are certainly not going 
to require such facilities by 
way of planning gain as a price 
for grafting planning consents. 
Such an approach, although 
favoured by Clean, would be 
totally contrary to Government 
guidelines. Other London 
boroughs may be less scrupu- 
lous in this regard, but we 
believe that fee system operated 
by the City Corporation is pre- 
cisely as intended by policy- 
makers under successive govern- 
ments. 

Michael Cassidy, 

Members’ Room, 

Guildhall, ECS. 


ADVERTISEMENT 


BUILDING SOCIETY INVESTMENT TERMS 


AUm? Natloaai (01-4865555) . 


Starting Asset 
Five Star 


AW toThrfft (01-638 Q3U>- 


Bamsfey (0226 299601) 

Bl rrafcufr am MWsMres ... 

(0902 710710) 

Bradford mi Btagtoy (0274 5635451 


Share Account 
Ordinary Sta. Ac. 
Prime Ptas 
GoW pits 
BanHSawe Pins 
ReadyMoney Plus 
Summit 2nd mas. 
Premier Access 
Premier Boms 


Max i m fcy lac. 
Marimisar Grwth. 


Bristol and West (0272294271). 


BrrtaatUa (05 38 3993 99? 

CardKT <0222 27328) 

CMfaonc<01r222 6796/7) 

Ccstwy (EdMutfi) am 556 1711) 
Chelsea. (01-602 0006? 


(024236161) 
Chester* (0992 262&D 


No. 1 Capital 
No. 1 Income 
Triple Bonos 
Stare Account 
O' seat Inv. Bd. 
Tr. Snpr. Gold + 
90-Day Account 
Jubilee Bood II 

FsL Rata 20 Yrs. 
Lion Sfas. (S. Is) 
Chalt- Gold 
GoM Wttriy. lot. 
Spec. 4-Term Sh. 


CWy of L ondofl, The <0 4862 
Coventry (0210 52277) — — 


28233) Capital CHr GoM 


Florae Setwood (0373 64367) . 
Gatemar (090368555) 


Groom** an-858 8212). 
Gordtaa (01-242 OBZD _ 


Moneymaker 
3-Year Bond 
90-Day Option 
GoM Minor Acc. 
Star 60 
GoU Star 
2-yr. term Share 


Hendon (01-202 6380 

Lambeth (01-928 133D 

Lancastrian €061 643 10Z1> _ 
L ea m ta gte n Spa (0926 27920). 


90-0*y Xtra 
90-Day Xtra 
SO-Qay Xtra 
3 Month Sham 
Regal Shares 
ManripUn 
Fully Paid 
High Flyer 


Super 90 


Leeds and Holbeck (0532 4595U) — 


Leeds Permanent* . 


Capita! Int e rest 
Capital Access 
» Gold 


Marsden (0282 692821). 


M orn ta g to o (01-485 5575) . 
ttatfcmdnd Pro«tac!a!*~_ 


KaBooal Cotattles (03727 42221). 
NaUomvWe (01-242 88Z2) 


Pay & Saw 
Ratabow 
Rainbow 
2-Yaar Tern 
Notice Account 
wonnv ibotwc 
Inst. Access-!- 
Emerald Shares 
Capital Bond 
BootsBuHdor 


paid 

Yearly 

Yearly 

rty 

Weariy 

Vyearty 

Yeorty 

Yearly 

Yearly 

* 2 -yearty 

MJYeoily 

Yearly 

Yearly 

Yearly 

Monthly 

Yearly 

VKtarty 

Yearly 

Monthly 

Yearly 

Yearly 

Yearly 

^yearly 

Monthly 

Yearly 

Yearly 

Yearly 

Monthly 

KL/Y early 

M /Yearly 

Yearly 

Yearly 

Yearly 

Yearly 

Yearly 

Vwrtr 

Yearly 

Yearly 

Yearly 

Quarterly 

M-Az-yrty. 

Sttt 

1 a-yearly 
Yearly 
Yearly 
-year ly 
Yearly 
Yearly 
Yearly 
Yearly 
Monthly 
Yearly 
Yearly 
Yearly 
> 2 *e ar|y 
Yearly 
Yearly 
Yearly 
Yearly 
Monthly 
Yearly 
Yearly 
Yearly 
Yearly 


Mtnfmum 
balance Access and other detail 

tiered IniL oi. OMC &25/7.75+boa» 

Tiered Instant 7.7SV7 .50/7.00/6.75 

Tiered. Ctu*. bk. 736i | 6S8XL45 

£1 Instant a c ce ss 

£1 Easy withdrawal, no penalty 

ODflOO 3m.nL (L50 £2*zK+, 8 £500+ 
£25000 Tiered In 6JB) £500+, last- acc. 
00,000 6t75£Z>aK+, 5.75 0+ etir. afe 
a ATM aeons (min. baL £200) 

£UX» 90 itayV not/pen. baL ^EUNC 
0 5. 0 00 Tteted rates from OOO 
£2*000 Differential guaranteed 2 yearn 
0^00 Inst acc. Bonus for no wtbrbwfs. 
£5,000 3 irrths. Pins 0-25% for £25^00 
£5,000 3 rn.itt.Ptas 0£S% for £25*000 
£1 InsL Acc. £500 LBS 
£25,000 3 months' notice, £500 830 
£25,000 3 months' notice, £500 BUM 
£25,000 Tiered to 730 £500+, last. ace. 
£1 Instant access, no penalty 
tlfiOO 11H0 gr. 3m. nt non-UK res. 
£25 , 00 0 immed. access. Mlidy. Inc. nvalL 
0,000 InsL acc. if mla. baL £10K+ 
BtfiOO 90-d. peo/not. m. UiL tfr. 8.71 
£1 Guaranteed rata 213 years 
£500 1mm. wf. tat pen. or 3 mths. 
Tiered 840(7.75/7.000X10. No Rtfon. 

TtaiMfl n| rt , lf ^r. — ft .— . . — I, I, 

■ 8 1 LU IXU WUL*r [ I PIUll |J 

£20,000 90 itays* eoBcefp en aUy 
£20 , 0 0 0 Instant access. Tiered ate 
£17,500 Instant access— tiered a cco u nt 
£10,000 InsL acc. no pen. mtMy. tat. 
£5,000 OJQflOO 7.77, £5400 733 
£1400 Close 90 days' noL & penalty 
£5400 £500+ 8^5 90 days' oet/pen. 

£1 On demand: O-lB-yearoUls 

£2Q,000 60 days’ penXnoL £500+ 840 
£20400 btst. £10K+ r.lS. £5K+ 740 
€2 ,500 No partial withdrawals 
£3400 No uoL/pen. to bai. £3400+ 
£500 90 days, but 

£ 1 0 400 Instant where 
£25400 £5400 remains 

£1400 3 months' notice 

£250 InsL ov. £8K, 60d. after 1st yr- 


£23 , 00 0 Immed. j 
£ 3400 InsL are 


€2,500 

£3400 

£500 

£10400 

£25400 

£1400 

£250 


£15400 Instant ; 


£1(1000 Withdrawals on dem a nd 


without penalty 


£ 10,000 90 days' notice or bim. ace. 


+ 90 days’ loss of Interest 


90 days' notice or penalty 
£5400 Same WA on baL £10400+ 
£500 73 £5K+7.7S £10K+8 £25K+ 

£5400 125 premium guaranteed 1 yr. 

£1 740 £2400+ 

£25400 Mfn. baL £500+ tiered tat 
£10400 + instant access no penalty 
£3400 90 days' penalty 

£500 90 days' no tice or penalty under 

£1400 £)n.000 

£30400 No notice no penalty 
£25400 Immediate (f £20,000 remains 
0 400 90 days’ notice or penalty 

£25400 7.75 OOK+, 7 JO £5K+, 725 
_ £2K+, 6.75 £500+ 

£25400 &2S OOK+, 840 £5K+, 
7.75 £300+ 

£25400 Instart access. Tiered a/e 
B/Sfi OO 3 nabs. noL/pen. Tiered aft 
£500 90 day* 1 notice or penalty 

£20400 Instant access, tiered mmiutt 
£20400 Instant access no penally 
£10400 Instant access no penalty 
£5400 735 £500+ Instant access 

£5400 No wdh. 1 yr. then no noL/pn. 
£25400 840 £5400+, 50 days' nL/pen. 
£20400 No penalty over £UUC 
£2400 £2400 + no noUce/penaHy 


Capital Bonus 


Nmtary (0635) 43676 


Newcastle (0912326636) 


North er n Be ck (091 285 7191) , 


Instant Premium 
Treasure Pius 
Swer90 
Nora Plus 
Mfoaptaa e r. Pies 


Norwi ch A Poterb'gh (0733 51991) 

Nottingham (0602 481444) - — 

Peddan (Freephone Pertham) — ~ 

Portion (0202 292444) 

Po rts mo u th (0705 291000) 

R eg ency (0273 724555) 

SartMrtwfe <0723 368155) — 

Septan (0756 4581) 


Pram. Cwth. Bad. 
Premier Plus 
Smrr 90 


TTfmni mi Tiwlwlmr 

Town and Country (01-353 1476) , 


Wassmc (0202 767171) 
Wochrtcfa* - 


p-am W| M Mu 
rTCJTL run JftL 

3-Year Stan 
Phis 

Sal. GH. Cap. Bd. 
Swretajaa 
Sovereign 
Sovereign 
Century (2-year> 
1-Yr. Super Tea 
Moncywte 
Soper 60 
Ordinary Shares 

Prime 


840 840 
050 840 
825 815 
845 BOS 
830 830 
845 845 
740 740 
830 B42 
940 940 
830 830 
830 844 
BW a 04 
845 844 
840 840 
830 830 
840 840 

7.75 7.75 
735 735 

8.75 8.75 
9U0 900 

7.75 7.75 
830 830 
840 BJ6 
7.75 7.90 
840 840 


Yearly 

Yearly 

Yearly 

Monthly 

Monthly 

Monthly 

Monthly 

Monthly 

Yearly 

Yearly 

Monthly 

MJYearty 

MArtfe. 

Yearly 

MAfearty 

Yearly 

Yearly 

Yearly 

Yearly 

Yearly 

Yearly 

Yearly 

fefiearty 

M4«rly. 

Yearly 


£50400 3 mths’ ootlce/lmm. l mth. pee. 


Yotfcshke(QZ74 734822) , 


Gerald. Pres. Slti. 830 
Platinum Key 840 840 

Platinum Key 825 

Platiman Key B30 830 


• For tafcpbooe see beta directory. CAR » Aim! 


MJYeariy 

Yearly 

Year* 

Yearly 

yield after 


£500 No restrictions over OBJOOO 
£25400 No UL/pn. £5K 845, £500 745 
00400 60 days’ not- or loss of loL 
£10400 Instart acoessAio penalty 
£5,000 Monthly income available ns 
£500 Hmstments of £23 00+ 

£20400 830«400+,90d.nLfluLpq. 
£1400 Guaranteed 4 JO differential 
£25400 Chq. bit* Vba/ATM cds. lot. ear. 
£10400 Withdrawal available 
£1 No notice no penalties 
£500 90 d. nuLfoen* £L0K+ him. 

£201400 Instant access. 740 £500+, 
730 £5K+, 7.75 £UK+ 
£10000 90 days’ neMpea. OOK+ Iran. 
£500 60 do* notkefoenaKy 

£10000 Instead over £10400 
£25400 Instant over OBflOB 


In t erest confounded 



8 


Financial Times Saturday September 19 1987 


UK COMPANY NEWS 


LIG makes £48m 
Italian purchase 


BY DAVID WALLER 


London International Group, 
the world's largest manufac- 
turer of condoms. Is to double 
its business in continental 
Europe with the acquisition of 
HATU-ICO, Italy's leading 
condom maker and a producer 
of over-the-counter health 
and personal care goods. 

The cash consideration of 
L103bn (£47.9m) is to be 
raised by a £5Gm issue of con- 
vertible Eurobonds, giving 
rise to a 9 per cent Increase 
in LIG's equity, too low to 
require the company to offer 
the bonds to its existing 
shareholders. 

Bologna-based HATU-ICO has 
approximately half Italy's 
rapidly expanding market for 
the only recommended form of 


In the UK, LIG has close to 
96 per cent of the condom 
market, which is growing at 
the rate of 30 per cent a year, 
stimulated by fear of AIDS and 
the government advertising 
campaign. The market is grow 
ing at the same rate in 
Germany — and Italy, where 
LIG’s market presence was 
hitherto small. 

In 1886, the HATU made 
operating group made operat- 
ing profits Of £4.Sm. on £52m 
turnover — which compares to 
the £27. lm pre-tax profits 
achieved by LIG in 1986-87, on 
£252m turnover. 

Health and personal care 
products accounted for some 
£18m of HATU ’5 turnover and 
made profits of £3m; the higher 


protection against AIDS, with margin condom business made 

o-P ife « rnn+-itf A vB f-unno that 


•* Settebello ” and other 
branded products totalling 
around 75m items a year. 

In addition, it markets a 
Tange of deodorants; toiletries 
and toys under the “ Mister 
Baby " brand name, and the 
" Sa uber ” sun creams. 

It also has a loss-making 
medical products division, 
which LIG intends to restore 
rapidly to profitability possibly 
by switching capacity to the 
production of condoms. 

Mr Alan Woltz, LIG’s chair- 
man and chief executive, said 
that the acquisition "fits like a 
glove, filling out our presence 
in Southern Europe to balance 
our stitngth in the north. 
Furthermore, there are many 
economies of scale.” 


amount of profits on sales of 
film. 

Medical products lost £3m on 
£L2m turnover. The balance of 
the turnover came from 
HATU's Spanish subsidiary, 
Hispano-ICO, a distributor of 
LIG’s "Durex" condoms and 
other personal products. 

Mr Woltz said that he had 
sought to raise money by way 
of a bond issue because it was 
cheaper to the company than 
a standard rights issue. The 
coupon was fixed last night at 
4^ per cent, and they are con- 
vertible into shares at 452p, a 
25.01 per cent premium over 
lost night's closing price of 
359p, 7p up on the day. 

See Lex 


Fuji Bank shares get full 
listing on London market 


BY DAVID LASCELLES, BANKING EDITOR 


Fuji Bank, Japan's third largest 
bank, yesterday obtained a list- 
ing for its shares on the 
London Stock Exchange. Fuji is 
the first Japanese bank to 
obtain such a listing, and the 
first Japanese company to 
come to the London exchange 
since 1983. 

Kleinwort Benson, the mer- 
chant bank which arranged the 
listing, said it marked a 
reversal of the recent trend In 
which UK banks have sought 
listings in Tokyo. Mr David 
Benson, a director, said it re- 
affirmed London's leading place 
in the financial markets. 


Fuji, in common with other 
major Japanese banks, has em- 
barked on a major capital- 
raising phase to enable it to 
meet the higher capital stan- 
dards now being required of 
banks operating internationally. 
Although there are no 
immediate plans for a rights 
issue, Fuji wants to get its 
name better known in -the 
international markets. 

Other Japanese banks are 
expected to follow suit. 

The listing brings to nine the 
number of Japanese companies 
with shares quoted in London. 
Others include Sony, Toshiba, 
Honda and Fujitsu. 


Broadcast Comm, 
boosted by Braham Hill 


Following the takeover of 
Braham Hill in November last 
year Broadcast Communica- 
tions, formerly Edenspriog in- 
vestments. has undergone a 
radical transformation in the 
structure and activities of the 
group. Pre-tax profits for the 
year to June 30 are £43,864, 
compared with £37,348, before 
exceptional items. Braham Hill 
itself had a record year with 
pre-tax profits of £80,000. 

The exceptional item is a 
debit of £30^185 (£49,816 pro- 
fit) relating to profit on dis- 
posal of property leas provision 
on remaining property in Queen 
Street, Glasgow. 

Mr Michael Braham, chair- 
man, said the group has rapidly 
become a significant force in 
the fields of corporate commu- 


nications and business tele- 
vision, through its 60 per cent 
interest in Business Television. 
It is one of the largest suppliers 
to Channel 4 and is responsible 
for approximately 150 hours of 
programming a year. 

Mr Braham said that with re- 
organisation costs now largely 
behind the company, a strong 
balance sheet showing £600,000 
cash and a first time contribu- 
tion from Badness Television, 
he is confident that 1987-88 will 
show further progress. 

Turnover last year was 
£448,485 (£323,374) and tax 
amounted to £20,843 (£11,700). 
Extraordinary items showed a 
debit of £51,626 (£53.638) after 
which there was a loss of 0.3p 
per lOp share (a Ttfcird Mar- 
ket quotation) against earnings 
of 2fip. 


Steep faD at Triton Energy 


BY LUCY KELLAWAY 


Triton Energy, the oil com- 
pany controlled by Triton 
Energy, the Dallas based oil 
independent, yesterday an- 
nounced a steep fall in net 
profit from £5. 5m to £509,000 
for the year to May. 

The fell in profit was mainly 
due to the effects of low oil 
prices in the first half, when the 
company incurred a restated 
loss of £l.Bm. However, during 
the second half of the year 
profits recovered with oil prices 
and the company made £2.lm 
after tax. 

The company said yesterday 
that the improvement was 
expected to continue this year 
both as a result of the higher 
oil prices and due to recent dis- 
coveries onshore In France, 
where the company's acreage is 
concentrated, and in the North 
Sea, where Triton has a stake 
in Chevron's “ Alba " discovery. 


The results have been 
restated to reflect a change in 
accounting for foreign curren- 
cies. 

Turnover for the year fell 
from £S4Jftn to £27^m, while 
pre-tax profit dropped to 
£336,000 from £12.1 m last year. 


Grownx accepts B&C 


After being blocked in its 
effort to launch a late hid for 
two money brokers owned by 
Mercantile House, Crownx 
has accepted British and Com- 
monwealth Holdings' bid for 
the financial services company. 

By Thursday afternon, B&C 
had received acceptances for 
94JS1 per cent of issued shares 
and 87JI per cent of shares 
issued and reserved for issue. It 
declared its offer wholly 
unconditional. 


Hill Samuel 
reaffirms 
denial on 
bid rumours 


By David Lascefles 

Bin Samuel, the merchant 
bank which finds itself at the 
centre of takeover specula- 
tion, reaffirmed yesterday that 
it is not in negotiation with 
a possible bidder. 

Persistent rumours In the 
stock market suggested that 
it is in discussion with J. F 
Morgan, the parent of Morgan 
Guaranty of New Fork, for 
the possible sale of parts of 
Its business. This was identi- 
fied in some reports as Wood 
Mackenzie, the stockbroking 
subsidiary which Hill Samuel 
bought for last year's Big 
Bang. 

Mr David Band, executive 
vice president of Morgan 
Guaranty in London, said his 
bank was not engaged in dis- 
cussions with Bill Samuel. 
"They're just rumours,” he 
said. 

Hill Samuels shares rose 
2p to 666 p. 


Maxwell ups 
holding in 
Guinness Peat 


By David Lascelles 
Mr Bobert Maxwell yesterday 
raised his stake in Guinness 
Peat, the UK financial ser- 
vices group, to 9-63 per cent 
from 638 per cent, with the 
acquisition of another 10m 
shares. Guinness Peat is the 
object of a takeover bid by 
Equiticorp, the New Zealand 
financial services company. 

Mr Maxwell's advisers met 
Equllieorp last night. Ac- 
cording to Samuel Montagu, 
Equiticorp’* merchant bank, 
the Maxwell team Inquired at 
what price Equiticorp would 
be sellers of Guinness Peat 
stock. Equiticorp replied that 
ft did not intend to sell, and 
the meeting ended amicably. 

Equiticorp, which holds 39 
per emit of Guinness Peat, 
will today be sending out its 
revised offer document 
It seemed increasingly 
likely after last night's meet- 
ing that Equiticorp and Mr 
Maxwell would end up as co- 
shareholders in Guinness 
Peat 


Sale Tiluey profit 
moves past £2m 


By PHGp Coggan 

Sale Tilney, the mini-con- 
glomerate, yesterday an- 
nounced a 43 per cent increase 
in Interim pre-tax profits to 
£3L22m <£L55m), together 

with tiie sale of Its food 
manufacturing division to 
Premier Brands. 

The consideration for the 
Newtime Foods division, 
which makes preserves, 
pickles and mincemeat, will 
be £20JSm. Exactly £7m will 
immediately he paid in cash 
with a further £12-2m by 
January 31 after an audit and 
the final £Un in July next 
year. The division made pro- 
fits of £161,000 before interest 
and tax in the first half. 

Sale Tilney Is retaining its 
Interest in food Importing and 
its other main activities are 
engineering, financial services 
and insurance. All the other 
divisions are trading well and 
the company experts a strong 
second half. 

Profits were struck on turn- 
over 11.4 per cent higher at 
£42.4m (£38m). After taxa* 
tion of £672,000 (£5704100) 
earnings per share were 7p 
(6.7p). The interim dividend 
is 33 per cent higher at 4p <3p). 


Breedon up 17% 


BBEEDON, the limestone 
quarry er which recently 
changed its name from Bree- 
don and Cloud will lime 
"Works, increased Its pretax 
profit by just over 17 per cent 
from £745,000 to £875,000 In 
the six months ended July 3L 
The directors said that 


trading profits in the period 
showed an increase of 26 


per 


cent reflecting increased de- 
mand In the construction in- 
dustry at competitive prices. 
The start of the A42 penulti- 
mate section is imminent and 
the company is hopeful of 
orders from project daring 
the second half. 

Turnover in the first half 
rose from £2m to £2.56m; tax 
took £268,000 against £209,000 
leaving earnings per 25p 
ordinary share of 4Jp (4.4p). 

The Interim dividend is 2p 
(L62p). 


James Buchan looks at the Pritzkers, the new Berisford shareholder 

Playing a game of family fortunes 


THE ANNOUNCEMENT yes- 
terday that the Pritzker family 
had taken a substantial stake in 
S & W Berisford, the commodi- 
ties trader and owner of British 
Sugar, was no great surprise to 
students of the close-knit 
Chicago dan, which presides 
over one of tile largest and 


Pritzker arrived is Chicago as 
a little boy from the Kiev 
ghetto. 

Family history has it that the 
boy was treated for a cold by 

a newly-opened hospital, which 

him an overcoat family togetherness which was 


than S&Sta (£Ubn) by Forbes chain which operates 120 hotels 
magazine, the acknowledged in the US and overseas ana 
expert on American personal enjoys revenues of as mucn as 


riches. 

Nicholas Pritzker, the family 


$L7bn. 

Bob runs the Mantum Group 
which has sales of aboutjpon 


then gave him an 

worth $9. His son Abraham, continued by ajn., a lawyer 
^ . - , usually known as A-N. used to who was a powerful force in "gW box-ears to nammwm 

r 5 0St Tw Ve ^S.*^S^ y fortunes In like saying it was the hospital’s Chicago even in the rough-and- ° 1 * ans - 


patriarch, set an example for ' ,55*? resuscitated 

-!suswiSw--*!s 


the US with interests ranging 
from hotels to chewing tobacco. 


Mr Jay Prftzker, 65. and Mr 
Robert Pritzker, 61, who will 
join Beristord’s board, repre- 
sent the third generation of a 
family which has become an 
American business legend in 
the 100 years since Nicholas 


best investment. "I paid them 
back for that coat — about a 
million times," AJf. said in an 
interview just before his death 
at the age of 90 last year. 

Jay and Bob Pritzker. and 
their children, now control a 
bewildering web of businesses 
that has been valued at more 


tumhfe years be&ie World War m 1983. the Pritzkers bought 
tt There are no public share- the troubled Branff aimne, 
holders. “We don't believe in which had Just emerged 


business," AN. 


public 
said. 

The family has always been 
opportunistic In its investments. 
Jay built up the Hyatt hotel 
from a single hotel to a 


once ban k r u pt cy proceedings, and 
two years later Conwood, which 
makes tobacco and snuff. Other 
holdings include 
real estate, McCall's magazine 
and a law firm. 


Wm Morrison in £45m preference issue 


BY FIONA THOMPSON 


Wm Morrison Supermarkets, 
operator of 37 superstores in 
the north of England, yesterday 
announced interim pre-tax 
profits up 20.4 per cent 
together with a proposal to 
raise £4 5m by the issue of 
4665m convertible preference 
shares. 

The shares have been condi- 
tionally placed, principally 
with 
and 
for 

basis. The preference shares 
will be convertible, on a 28 
ordinary for every 100 convert- 
ible preference shares, from 
1990 to 2006 inclusive. 

The issue will take the 
shareholding of Mr Ken Mor? 
rison, chairman, and his family 


converted. 

Mr Morrison said yesterday 
the company needed further 
funds for the continuation of 
its major expansion programme 
—capital expenditure exceeded 
£21m in this first half— mid 
wanted to raise additional 
equity rather than gearing. 

Two new supermarkets have 
been opened this summer, one 


and 3.1 per cent existing stores* yesterday's placing must make 


growth. Operating Profits 
accelerated 17.5 per cent to 
£U.79ra, compared with £1 0.02m 
last year. 

Pre-tax profits, including net 
interest receivable of £330.000 
(£81,000). rose to £11 39m 
against last time's £9B3m. 

The tax charge was £4-25m 
(EL54m> and the earnings per 
share rose 20.1 per cent to 


it a little more vulnerable to a 
takeover, a contested bid seems 
most unlikely. The company 
appearp to bq on to a winner 
with its fresh food “street 
formula”—* row of separate 
tittle shops, rather Wee York’s 
Museum, housing a 
bakery, deli, chqTs larder, 
cheese shop— in place at about 


By January 1989 the company 
should have 44 stores, with an 
additional four planned for later 
that year. The stores are all in 
the north of England. 

For the six months to August 
1, 1987, turnover rose 10 per 
cent to £222L39m. New stores 


dared, compared with 0.4p. 

• comment 

Wm Morrison is a retailer with 
Yorkshire grit, offering value 
for money and giving the big 
boys a run for their money. The 
first half figures, above City 


as this , and its price competi- 
tiveness, have boosted volume 
growth and enabled Morrison to 
stand up to Sainsbqrys and 
Tesco. The shares closed yester- 
day up lOp at 316p. Assuming 
pre-tax profits for the year of 
— m, that puts them on a projs- 


ribuu, emunoou, huu loxuuy cenx ro XMUwm. new mm .. 10 ~,:to 

from 50.2 per cent to 43.8 per accounted for 4 per cent of the expectations, are impMiveand Pecttve p/e of about i», quite 
cent when all the shares are increase, inflation 2 3 per cent gross margins are ahead. While s ig n . 


Telemetrix awaits benefits 


BY PHILIP COGGAN 


Telemetrix, the manufac- 
turer oi computer graphics 
monitors, has announced 
another year of pretax losses 
and again passed its final divi- 
dend. But Mr Roy CotteriB, the 
chairman, says he is convinced 
that the group can return to 
growth, profit and dividend pay- 
ment. 

The company joined the 
Stock market in 1983 and 
quickly saw rapid share price 
growth but it surprised the 
City by failing to meet its first 
year profits forecast. 

A lthoug h profits doubled the 
following year, the shares then 
fell fay a quarter after a gloomy 


chairman’s statement at tile 
subsequent annual meeting. 
Further share price falls fol- 
lowed last year's losses and the 
shares currently stand at $3p, 
compared with the 185p offered 
at flotation. 

Mr CotterilZ said that last 
year’s figures gave no indi- 
cation of the positive action 
that had been taken. Over the 


it had concentrated on host 
based terminals but the market 
has shifted towards networked 
workstations and personal com- 
puters and Telemetrix is now 
planning to enter the latter 
markets. 

Borrowings fell by £U®m 
ever the year and gearing is 
now reduced to less than 40 
per emit Operating costs were 


past twelve months, Telemetrix cut by 12 per cent over the 
had been fundamentally re- year, 
structured and had made a The trading less ww 
major change in its business (£196.000) and after interest 
philosophy. payable of £441,0ffi) (£523,000) 

The core business. Vest- and a tax credit of £744,000 
wood, accounts for 80 per cent (£79,000 credit) the loss per 
of group revenue. In me past, share w«s 6-60 


Sharp advance for Platinum 


Trinity surges 
to over £5m 


of 


A SHARP increase in pre-tax Although the vendors will “ a *52® 


profit^ from £21,000 to £396.000 have tte OTtionJo receive !«MU fr.W 


was reported by Platignmn, 
maker of pens and plastic 
mouldings, for the six months 
ended July 31, 1987. 


Also, as anticipated, the com- 
pany has agreed to buy the fixed 
assets and stock of R. J. Gray 


wholly or in part in lien of the able half had been 
q h ft y p n those shares would he fitter The .stationery and house- 
valued at 22p each, the effective wares divisions had made sub- 
price of the shares issued as the stantial improvements, but the 
initial consideration. There is engineering operations had not 
a £370,000 limit for the second fully met Expectations, 
consideration. They felt able to restore the 

Mr R. Gray and Mr V. preference dividend and to pay 
Davidson, ehainnan and manag- the arrears. It was not their in- 
ig director respectively, will tendon to declare ah interim 


(Holdings). A new separate 

division will be created to con- „ p 

duct its previous business of enter into two-year service con- dividend, but they looked for- 


importing and distributing 
stationery products. 


Initial consideration is 1.6m 
new ordinary shares, with a 
deferred consideration satisfied 
by the vendors receiving new 
Platignum shares equal to 50 
per cent of the cumulative pre- 
tax profits of the new division 
for the period October 1 1987 
to July 31, 1989. 


tracts with the company. 

In keeping with its policy of 
expansion ' by acquisition, 
Platignum was in negotiation 
with a number of companies in 
both the stationery and house- 
wares fields. The directors 
anticipate making further 
acquisitions before the year 
end. 

They said that the perform- 


ward to being able to make a 
payment in respect of the full 
year. 

Operating profits for the 
period rose to £415,000 
(£115,000) and the pretax 
result was after interest 
charges of £119,000- (£94,000). 
Tax took £28,000 (nil) and 
earnings per 6p share worked 
through lower at 0.32p (0.42p), 


Geo. Oliver back in profit 


A RECOVERY in profit at the 
core business qf George Oliver 
(Footwear) was obscured by 
the loss of Timpson Shoes, the 
recent acquisition. But sub- 
stantially bigger returns from 
sales qf properties turned the 
sroop round from a loss of 
£212,000 to a profit Of £578,000 
for the first half. 

Sales in the half-year rose to 


£30.74m (£24m) but the operat- 
ing Iob increased to £589,000 
(£114,000). However, there was 
a surplus on property sales of 
£L6m (£238,000). 

Earnings came to Sfl3p (loss 
4.8p) qnd the interim dividend 
is raised to 2Tp (L98p). For 
the year 1986 the pre-tax profit 
was £1.46m including £382,000 
properly sales. 


Railway side hits Antofagasta 


NEAR £lm drop in An to- „ the full year result 
■” Holdings* railway The interim dividend 


operation profit was offset to 
some extent elsewhere, but 
overall pre-tax profit fell by 
£534,000 to £3 .65m in the first 
half of 1987. 

The directors explained that 
railway results- were slightly 
down on expectations. However, 
an improvement has come in 
the third quarter. Indicating 
better figures for the second 
half. In the associate companies 
the recently increased copper 
price should favourably affect 




being raised from to 2p 
per share, to reduce disparity 
with the final — 5-625p last year. 
Pre-tax profit for 1986 was 
£9m. 

Turnover in the first half 
was £lm lower at £4.91m. Net 
runway profit was 
(£2. 79m) 

Of the associates Ms deco, 
involved in production of 
wire tt 


copper and wire tube, con- 
tributed flJSSm (£t.42m), VTR, 


AB Electronic cash call for acquisitions 


BY STEVEN BUTLER 


the telecommunications com- 
pany, £248,000 (£81,000), and 
mineral and natural resources 
£59,000 (£52,000). 

After tax S206J3Q0 (£355.000). 
earnings worked through at 
n^p (i4.7p). 


Edmond expands 

Edmond Holdings, 
builder and manager of 
investment property, consoli- 
dated its improvement with 
a first half rise in taxable 
profits from £iss t 2lo to 
£314^134. Turnover Jumped 
from £5.87m to £6.64m. 

The directors declared an 
Interim ■ payment of O.ISp 
compared with <U5p last 
time. Afrer tax of £110,600 
(nil), earnings per share 
rose from 0-39p to (L42p. 

They said that the grMp 
had performed -well during 
the period. Forward sales of 
dwellings were at an 
encouraging level and satis- 
factory " land stocks were 
being maintaine d. 

Last time's extraordinary 
debit of £35,060 was not 
repeated and attrfbutoble 
profits rose from £123£10 to 
£204£10. 


London Eats, stake 

British Empire Securities 
and General Trust has in- 
creased fits stoke in London 
Entertainments, the listed in- 
vestment company managed 
by Banque Paribas, to close to 
9.9 per cent. 

It bought a 4JB per cent 
touting from ' Max Morel 
(Nominees). 


AB Electronic Products 
Group yesterday announced a 
25 per cent rise in pre-tax pro- 
fits to £8m in the year to toe 
end of June, two acquisitions 
for up to £26.9ra, and a net 
£13.7m one-for-five rights issue 
at 350p per share. 

AB shares jumped 10 
cent to 455p following 
announcement Analysts attri- 
buted the rise to better-than- 
expected profits, the stronger 
cash position of toe company, 
and a good reception to the 
acquisitions. 

AB is acquiring Plessey Con- 
nectors from The Plessey Com- 
pany for £l3.9m, including £7m 
cash to Plessey and assumption 
of £6 .9m of Plessey Connectors* 


debt. Plessey Connector had a 
turnover of £15.8m in the year 
to April 3, and profits before 
corporate charges and ration- 
alisation costs were £L6m. 

Also announced was toe 
acquisition of Swansea, a 
private manufacturer of dee- 
per trical wiring harnesses, for 
the £Llxn in cash, 515,000 ordinary 
shares, and £9.9m of interest- 
free loan notes, redeemable 
after October 1990 depending 
on Swansea’s profits. 

The maximum redeemable 
value of the notes will be paid 
only if Swansea’s average 
annual pre-tax profits over toe 
three years to June 1990 ex- 
ceeds £3-25m, while the value 
falls to £1 if average annual 


profits fall below £L,5m. Swan- ro comment 
sea had 1986 pre-tax profits of 


DIVIDENDS ANNOUNCED 


£809,000 on a turnover of 

£8fim. 

AB’s turnover for the finan- 
cial year rose £41Bm to 
£L7l.6m. Earnings per share, 
folly diluted, rose 26 per emit 
to 24£p, and the full year divi- 
dend came to 12J>p. 

Gearing for the group fell 
from about 50 per cent at the 
interim stage to 32 per cent 
despite capita] expenditures of 
about £I2m. Analysts said AB's 
share price had been held down 
by expectations of a rights 
issue to reduce borrowing, but 
the rights issue announced 
appeared entirely related to toe 
acquisitions. 


Antofagasta 


.....int 


Even with yesterday's 10 per 
cent rise in share price, AB 
Electronic looks far from 

expensive, and toe 350p-per- ABElSanle.7..... 

share righto issue too cheap Breeden ,.int 

to pass up. The losses asso- 
ciated with toe start-up of 
electronics tor the Jaguar 
appear over, and quality of 
earnings much improved with 
reduced dependence on sub- 
assembly work. The finimi-mg 
of Swansea implies that AB 


Current 


Date 

of 


Corres- Total 


Total 

last 


Dinide Heel .........int 

Edmond Holdings int 
Macallan-Gicnltvet int 
Morrison Sapenokt int 
Northern Industrial ... 

George Oliver int 

Sale Tilney .... 


. Telemetrix 1. 

expects a good Jump in profits. Trinity Inti ........ ....tot 


2 

10.5 

2 

0 S 
0.18 
1.1 
0.5 
12.94 
5L2 
4 
nil 
7 


payment 

div 

year 

year 

Nov 4 

L25 

— i 

(L88 


8 

12L5 

XO 

Oct 30 

*1.62 

— . 

*5.62 

- 

OJt 

— « 

0.4 

Nov 5 

015 

— 

QJS 



1 


3.84 

. 

0.4 


2.6 

_ 

12.78 

17.94 

2.7.78 

__ 

L98 


10 


3 


8 

T-, 

nil 


0.6 


AH three divisions 
Trinity InteraatieBal Holdings 
traded satisfactorily and pro- 
duced improved results in the 
first half of 1987. Group turn- 
over rose 7 per cent to £4434m 
while pretax profit surged 29 
per cent to £5.5m (£L28m). 

Looking towards the year 
end, the directors stud they 
expected progress to continue, 
albeit at a slower rate than the 
first half. - Group activities 
cover paper and packaging 
manufacturing, and newspaper 
publishing: 

•Kamingg for toe first half 
were 30^p (24Jp) and the 
interim dividend to raised 2p 
to 7p per share. 

The two papermtOr in 
Bolton enjoyed record output. 
Extra capacity laid down at the 
Stoke factory two years ago 
boosted profits, but results at 
tiie ether corrugated plant at 
fiandy disappointed. 

to the Liverpool newspapers 
tiie introduction of production 
technology some 17 months 
ago proved It worth, to the 
best marketing climate for 
some years the daily news- 
papers held cirenlatlon firm 
and results begun, tp ahaw p 
"heartening improvement . H 


UNITECH: At toe AGM, the 
^ha ir-man gajd that based on toe 
results achieved to date, top 
company would egpect to 
report a further improvement 
ip taxable profit? tor the cur- 
rent year. 


TR Pacific 
Basin sees 
off Thornton 
approach 


By Nikki Tart . 

TR Pacific Basin Investment 
Trust, a £242m fund and part of 
the ll-atrong Touche Remnant 
stable, has seen off the un- 
wanted bid ‘ approach from 
Thornton Pacific Investment 
FmC a much smaller Luxem- 
bourg-based investment vehicle 
headed by Mr Richard 

Thornton. ‘ „ 

Yesterday Thornton conceded 
that its own offer was unlikely 
to succeed in the tight of TR’s 
own rival proposals for tiie 
future of the fund. Essentially, 
toe Thornton scheme envisaged 
shareholders being able . to 
realise or value their holdings 
at 97.2 per cent of net asset 
value; the TR proposals 
managed to raise that to 99 per 
cent and added an option tor 
shareholders to remain in a new 
UK investment trust 
By the first dosing date, 
Thornton bad received accept- 
ances on behalf of just 0.6 per 
cent of TR Pacific Basin’s issued 
share capital and it has now 
lapsed its offer. . One of the 
reasons why the Thornton team 
was unable to . match the later 
TR proposals was that it would 
.be obliged to pay TR two years’ 
worth of management expenses 
even if it took over toe running 
of the f und— an additional cost 
TR obviously does not Incur. 
Without this, it coifla nave 
raised its terms to 9?.l ner . 
cent, bot would still have fallen 
short of toe TR scheme. 

Yesterday. Lord Remnant, 
chairman of TR Pacific Basin, 
said that he was delighted with 
toe outcome — " all the staff will 
be having champagne at five 
o’clock.” Richard Thornton, 
meanwhile, argued that his fund 
had acted "in a statesmanlike 
manner" by withdrawing and 
that shareholders could at least 
be grateful that the approach 
had generated the TR pro- 
posals. The company expects to 
make a profit on its small hold- 
ing of TR Pacific Basin shares 
The TR proposals will be put 
to shareholders at an EGM, and 
further details will be sent out 
in mid-October. Yesterday. TR 
Pacific Basin shares shed 2p to 
297p. 


MacaUan-GIenlivet 
HacaDan-GIenllvet, distillers 
of 'malt 'whisky, Increased pre- 
tax profits by £57,000 to 
£607,000 in toe first half of 
1987, principally due to a 
marked advance in sales of toe 
Macallan single malt whisky. 
Group turnover totalled fiS-Stoi, 
against £3.X9m. 

However, mugb greater 
investment in marketing, 
maturing ' stocks and the 
development of new products 
as well as continuing pressure 
op margins of new flllipfis for 
blending customers, was likely 
to restrain any significant 
improvement in full year 
results. 

The interim dividend is 
1-lp <lp)— last year’s final 
was 2B4p on £1.14m profits. 


ICELAND FROZEN FOODS 
Holdings has purchased Fulham 
Frozen Foods for £1.47m, to be 
satisfied as to toe issue of 
,887 Iceland ordinary of 
which 294^520 have been placed 
on behalf of the vendors. 


LONDON RECENT ISSUES 


FIXED INTEREST STOCKS 


n£ 

E3 

U tat 
tew 

ww~ 7 

stro 


+ w 

£ 

Cfl 

a 

o 

Cl 


£ 

- 

UO 

n 

FA 

F4». 


■s 

W» 

1! 

gtefiroBnffSWcCK.CM.bf. 
tedHW.Q-.RHl. car. ftt 

ID* 

MOP 

+r 


FJ». 

mm 



». 

FA 

*25 

FJ. 

— 

% 

St 

St 

St 

_teJ0£%M*.zaw»- 


1,1 

■ 

run 

na.ZrreCorp.u.202? _Z_, 

UO 

I5»j 

MSp 

Si - 

■Ha 

+29 


ERUITIES 


Mea 


pw 

*3 


#» 

u 

uo 

II 

& 

BOO 

UOt 


BM 

note 

n 


JH 


Awe 

PHI 

MW 


W 

DM 

El 

E3 

FJ>. 

n n 

221 


FA 


253 

za 

FA 

— 

Iff 

» 

FA 

— 

108 

85 

FA, 

*w 

n 

SO 

FA. 

pm 

m 

18 

FA. 

25 n 

1M 

103 

FA. 

mm. 

US 

« 

fA 

mrnt 

rat 

70 

FA. 

— 

154 

re 

FA. 


149 

108 

FA. 

•— i 

155 

US 

FA 

WM 

« . 

55 

FA. 

«8 

2SL 

IBS 

FA. 

— - 

SIB 

S15 

FA. 

w. 

128 

US 

FA. 

w- 

118 

Ut 

FA. 


US 

iro 






EFU tops TrotiP 

jsssKar- 


sasss, 1 ^ 


Zsturs 





lu- 


re 

100 

85 

12 

m 

no 


1M 

120 

155 

S 


sr* 

108 

1W 


“RIGHTS” OFFERS 


+ nr 

Net 

on. 

tea 

CWV 

CrtW 

TtaU 

FJE. 

RUB 

' mr _, 

(2S 

to 

XI 

& % 

— - 

42 

as 

23 

203 

■■■ 


— ri 

— 


■MS 



_ 




10J5 

to 

to 

4 M 


— 

— te 

— 

WM 


— 

-> 

_ 

WM 

ft— 

-r 

— 

— 

423 




— 

mmm 

— — 


— • 

— 

WM 

■»*- 


— 

mmm 

ww 


— 

— 

— 

w. 


— 


— 

w- 

— > 

HU 


OB 

309 


■5- 

— 

—m. 


-V 

— - 

— 

— 

uLr 


tew 

LL5 

rte 

3L7 

13 

so 


2B0 

'8 

166 

WO 

475 

*50 

610 

37 

50 

257 

32 

90 

382 


no 


Paid 

HP 


W 


IM 


m 

m 

Ml 


m 

M 


Dm 


moo 

ana 

MOO 


aw 

no 

MOD 

TOO 

309 

2300 

ms 

tan 


1M 

am 

1M 


MW 


s s 


iftjto, 


a 

3 S 


13 («■ 


■Sc 


€ 

19m 


MS. 


MUMS* 

Bkj*tan5» 





KSal 

BLuJthfl 
iQPteallsitB 


tiros 

Ma 


*iro 




% 

22pnr 

255 


ten 


2 

*10 

+5 


*2 


+3 


*4 













Oct 38 5 


21 


fr X fo?toree t yem a Dividends shown pence per share net except where otherwise 

lb JOr UUKK years, a pro Spec- stated- * VnnhMlMIt attar- allnuHno fm> nwln l«UP t On mnitsl 


forecasts of £L3m, put it at a 
discount to the sector. 


Equivalent after allowing for scrip issue, t On capital 

by rights and/or acqui 

S Unquoted stock, V Third market 


tive p/e of lSjjm pre-tax profits increased by rights and/or aajuisitioti issu^. ?USM stock. 





i - J 


" 5 * 















.-5 * 

iav ^ 

stfss 

,m lit u5^s, 

3S?SL< 

“i?£i5 

. ■' i >o rejg^i 

SFsSs 

sf^$ 

sly?j8S 

*s? S*A«{i 

■ ns&?n,lJ"**»> 


• **555* 

,, * -®5B tg U]’ 

B nt& 

•£?m 

V 8 p «?3Wte, 
.-..carl 

;:.V'_^*Ji 2 i£ 

:v J= * .**% 

?:?.*** «3£ 

V.-; “« '* iq 
- 3- 

ir * r^gsstmi 
■ =;ts:ca.BaS: 
J: ?*x fia; 

CTDpC?^^; 

r.:?.i-.:± y agj| 

• -”.::'j v2u® 
•Or.rbrr. T ?^5 
Si>:r. =r.i»isa;j 

slian-GUta 

ullB-GtaliUl C 

• ^fiLsj--. CCE 1 

«‘-w c.; ETr 
:» ::• ".: fis£ 

;r ^*::p=Jy a . 

5 -i-ac;- cs=: 
in sijle 

‘.'.T/.rzz zttsls:: 

: fJ.lSrs. 
r.-\ cat: 

: • r: •.: £ 
r.s !•.:» z 
73 :z: :•: .zsif 
si zci'zrxair 
r:.?,} ?. Kwf4 
i; «.• 

■..:;■£ irj £. 


•’■’ s-- 3 *' .r*L 


,>r. FROZEN .f 

.-.- -jjrir-jS" 

Ttx*:*** 

,i a- ;> b.» 


_ ■- n; V*.- “i-® 





ja 




Financial Times Saturday September 19 1987 

APPOINTMENTS 


9 


Abbey National senior banking post 


Mr pavM Evans lias been ap- 
pointed assistant general man- 
ager, banking operations, at AB* 
BJSY NATIONAL BUILDING 
SOCIETY. He was basking con- 
troller. He is also a director of 
Link Interchange Network, the 
shared ATM system of which 
Abbey National was a- founder 
member, and a director of 
. BAGS, the -central- body which 
controls all automated bank 
clearing systems in the UK. 

. . * 

Farther appointments made by 
Sir Terence Conran in restruc- 
turing the management team at 
STOREHOUSE include Mr Pat 
Diamond, director of finance 
and administration, who be- 
comes deputy chief executive. 
Mr John Hobson is appointed 
BhS buying: director. Mr Nor- 
man McArtbur, buying director 
for clothing, will be retiring In 
October. Mr John Stephenson 
becomes design and marketing 
director in addition to his other 
responsibilities. Mr Gordon 
Mmwro has been appointed dep- 
uty chief executive of Habitat. 
Mr Derek Lovelock, merchan-' 
dise director, is promoted chief 
executive of Richards. 

LLOYDS BANK STOCKBRO- 
KERS has appointed Mr Robert 
AJD-Froy as deputy managing 
director. He was chief execu- 
tive of Montagu Loebl Stanley. 


Lloyds Bank Stockbrokers is a 
wholly-owned subsidiary of 
Lloyds Merchant Bank. Hold- 
ings. 

« 

HACKER YOUNG MANAGE- 
MENT CONSULTANTS has ap- 
pointed Mr Ladlslav Homan and 
Mr Peter Ivscombe as partners . 1 
* 

HI LL SAMUEL PERSONAL FI- 
NANCE, a company in the Hill 
Samuel Investment Services 
Group, has appointed Mr David 
Guthrie as marketing manager, j 
Be joins from Nottingham 
Building Society where he was* 
London regional manager. 1 

* i 

Wo have been asked to point out 
that foe appointments at MID- 
LAND. BANK reported on Sep- 
tember 16 relate to the bank’s 
UK banking sector. 

« 

Mr Peter Cameron has been ap- 
pointed Enrope an sa les mangpr 
Of SPIDER SYSTEMS. He was 
Enropean sales and mwrfc.-Aw.g j 
director with T-bar. 

* 

The wool textile industry has- 
appointed Mr Bob Clarke as di- 
rector of training. He was a, 
training officer in the RAF. 

• 

SCOTTISH PROVIDENT has 
promoted Hiss Joan Arnett to 
regional manager (north) re-] 
sponsible for the area from the 


Scots border to Nottingham. 
She Is the company’s first IW 
male regional manager. She 
was branch manager at Sou- 
thampton. 

STANCO EXHIBITION GROUP 
has appointed Mr Howard 
FX. Potter as group finance di- 
rector. 

* 

NOBO GROUP has appointed- 
Mr Roger Colvin as financial di- 
rector. He has been a non-exec- 


utive director since 1S86. and 
ceases to be a partner of Plum- 
mer Parsons from September 
30. H 

INSTRUMENT RENTALS (UK) 
has appointed Mr Bay Findlay 
as managing director. He was 
director and general manager. 

* 

CISC MORTGAGES has ap- 
pointed Hr Brace GaWfeeD 
manager of securitisation and 
treasury operations. 


ECONOMIC DIARY 


TOMORROW Jlr Kenneth Bak- 
er. Education Secretary, starts 
six-day trip to US. EC 
Ministers start two-day 
meeting in Denmark. 

MONDAY: CBI publishes 
monthly trends equity for Sep- 
tember. Second quarter provi- 
sional figures for gross doem- 
stic product. EC Industry 
Ministers meet in Brussels to 
discuss the next stages of the 
crisis plan for steel. Overtime 
ban by National Union of Mine- 
workers due to start Prime Min- 
ister Mrs Margaret Thatcher 
holds seminar with TV chiefo, 
10 Downing Street Association 
of District Councils launch 
Blueprint for Urban Areas. Mr 
Michael Howard, Local Govern- 
ment Minister, makes statement 
on rates reform. BP extraordi- 
nary meeting on share issue. Po- 


GRANVILLE 


SPONSORED SECURITIES 


Gras Yield 


High 

Law 

OonpBor 

Prko 

Change 

dhf.Cp) 

% 

P/E 

206 

133 

An- Brtt. lad. Ordinary _____ 

.203 

— 

7 3 

3 A 

12 A 

206 

1X5 

Ass- Brit. InflL CUES 

.203 



ion 

4.9 



41 

34 

Amriuge and Rhodes 

. 37 

- l 

A2 

21.4 

52 

142 

67 

B8B Desipi Group (USM) 

. 108a! 

+ 2 

22. 

1.9 

173 

175 

u» 


.175 

+ 1 

2.7 

1 S 

29.9 

183 

95 


. US 

_ 

4.7 

26 

143 

267 

130 


.267 

_ 

1U 

43 

63 

142: 

» 

CCL Group llpc Coov. Pf. __ 

.142 

— 

152 

113 


171 

236 

CtonmttnwOrtttiy 

.169 - 

— 

5 A 

32 

24.7 

102- 

91 

Carborundum 75pc Pf, L . 

.302 

— 

10.7 

103 


145 


. 14Sxd 

+ 5 

3.7 

26 

5.7 

145 

119 


.120 • 

. . 






86 


. 86 

+ 1 

3-4 

4JO 

9 S 

VI SO 


.1150 

+25 


16 

263 

133 

86 Jamas Borough 9pe Pf. — 

.133* 

+ 1 

12.9 

9.7 

_ 

780 

500 

MufUhouc NV lAmstSE) 

.505 

— 




200 

TOO 

3S1 

Record Kidgway Ordinary TOQm 

+72 

1.4 



143 

87 

83 

Record RMgway lOpc Pf. ____ 

. 87aa 

' — 

14J. 

162 



n 

67 

Robert JenWm 

. 67 

— 

_ 



30 

224 

42 


.124ns 

— 







220 

141 

TordayandCariMo 

.220 

-1 

6-6 

3-0 

103 

42 

32 


. a,OIQ T 

— 

CA 

UB 

3.9 

131 

73 

Uni lock HoMngs (SE) 

.98* 

-2 

28 

2.9 

l&O 

251 

115 

Walter Alasander 

,251*4 

— 

5.9 

2X 

386 

199 

190 

W.S.Yaaus 

.199 

— 

17.4 

03 

19.9 

175 

-96 

West Yorics- (ad. Hoop. (USM) 150 

— 

55 

3.7 

15.9 


Securities designated <5E) and CUSM1 are dealt la subject to the rotas and 
regulations of The Stock Exchange. Other securities listed atom are dead la 
subject to the rules of Ft M BRA 


Granville & Co. Limired 
8 Low Lane. London EC3R8BP 
Telephone 01-621 1212 
Member of FIMBRA 


Granville Davies Coleman Limbed 
27 Lone Luk. London EC JR 8UT 
Telephone 01-621 1212 
Member of die Stock Ext ha nge 


f 


MIDLAND 
INTERNATIONAL 
FINANCIAL 
SERVICES BY 
FRF 900.000.000 
FLOATING RATE 
NOTES DDE 1997 


% 


Interest Rato: 8,28 % 

hue rest Period: 
September IS, 1987 to 
December 14. 1987 

Interest Amount 
per FRF 10.000 FRF 209,30 
due December 15, 1987 

Interest Amount 
per FRF 100.000 FRF 2.093.- 
due December 15, 1987 


SOCIETE GENERATE 
ALSACIENNE DE 
BANQUE 
Succursale de 
Luxembourg 


lice Superintendents Associa- 
tion annual conference opens, 
Torquay (until September 24). 
International Atomic Energy 
Agency 30th anniversary confer- 
ence opens, Vienna. 

TUESDAY: Cyclical indica- 
tors for the UK economy for Au- 
gust Second quarter revised 
figures for manufacturers’ abd 
si tribu tors’ stocks. EC Agricul 
luxe Ministers meet in Brussels 
to discuss the fbture of the Com 
mon Agricultural Policy and 
how to keep costs down. Office 
of Population Censuses and 
Surveys publishes quarterly 
volume Population Trends 49. 
Countryside Commission annu- 
al report published. The Local 
Government Minister addresses 
Association of Metropolitan Au- 
thorities annual conference, 
Oldham. 

. WEDNESDAY: Department of 
the Environment publishes July 
provisional figures for new con- 
struction orders; and figures for 
the homeless for the second 
quarter. EC Economic ft Social 
Committee two-day plenary ses- 
sion opens in Brussels. Scottish 
National Party ■""”»! confer- 
ence opens, Dundee (until Sep- 
tember 26). Labour Party na- 
tional executive meets. Law 
Society conference on the fo- 
ture of legal aid, Liverpool. 
Travelmeter air travel survey 
published. Association for Pre- 
vention of Theft in Shops anti- 
shoplifting i*»nipaig n la unche d 
Lord Young. Employment Sec- 
retary, speaks at schools mini- 
enterprise launch. Sir David 
Wilson, Governor of Hong Kong, 
st arts three-day visit to Peking. 

THURSDAY: Energy trends 
for July. Mr Paul Channon, 
Transport Secretary, speaks ail 
Bails Into Europe conference 
on Channel Tunnel, Mayfair Ho-j 
tel London. Balance of pay- 
ments figures. International 
Monetary Fund-World Bank an- 
nual meeting opens in Washing-, 
ton (until October IX Mrs] 
Thatcher, Chancellor Kohl, and 
other European Conservatives] 
at international Democratic 
Union meeting in Berlin (until 
September 26) 

FRIDAY: Lord Lane, Lord] 
Chief Justice, opens annual Bail 
conference. Middle Temple! 
Hall, London (until 
26X 


FT ACTUARIES INDICES 


These liufices are the joist compilation of the Financial Thnes^fae Institute of Actuaries and the Faculty of Actuaries 


EQUITY GROUPS 
& SUB-SECTIONSl 


Flgwes in parentheses show 
nrnitor of nods per semoa 


1 

2 

3 

4 

5 

6 
8 
9 

10 

21 

22 

25 

26 
27 
29 

31 

32 

34 

35 

40 

41 

42 

43 
45 

47 

48 


CAPITAL SOWS (211). 

Building Materials £30), 

ComcuafL Canadian Q3), 

Electricals (12) 

Electronics 05), 


Rectorial SelHMtoeO^I 

MtUbarf UttiFornogO) J 

Motors C14) 


OtoMOriA Ham* GZUJ 

CMStMEKSasUPOD) 

Brewers and Kstiflen (221 _J 

Food Maufactering £24) J 

Food Retail lag Q6)_ 

Hem RdtaUriMaoa J 

Leisure (31) - 


Packaging & Paper 05) J 

Platting & Printing 03)4 

Stores (36) 

Textiles (16) 


STUCK CROUPS (S9X~| 

AgendesflB) 


OmiBhBl), 
Conglomerates 02) _ 

supping and Transport 02)J 

Telephone Networks (2) 

Miscellaneous (24) 


MBBSTIML 


Oil &fiasfl7)_ 


(40 -J 


580 5H«£ «BPt gflfl). 


FINANCIAL CROUP (218) J 

Banks (8) 


Insurance (Life; (9) 
Insurance (Composite) (7) 4 
Insurance (Brokers) (8) J 
Merchant Banks (ID 
Property (47). 


Other Financial (281.- 


Imestment Trusts (91) I 

M ining Finance (2) 


Overseas Traders (10) 


ALL -SHAKE BtDEX (TO) | 


FfcSEMO SHAKE tNBCX*J 


Friday September 18 1987 


Met 

No. 


46025 

120165 

ll83U6| 

2HL59i 

265813 1 

152X23 

57635 

148X77 

DM25 

D5LW 

122431 

1028.31 1 


2USJS 

licini 

1 67321 1 

471529 

111229 


1872.76 

171525 

148229, 

244635 

237222 

1186125 

1724.92 


12 EM 0 


225279 


130167 


8574S' 

1 837 A0 ! 
1 U &01 
163833 
1218.79 
|495L35 
133536 
157X46 


117636 

1699331 

1268331 


taka 


23283 


Oongel 

% 


+12 

+19 

+15 

+24 

+07 

+10 

+05 

+15 

+0.9 

+10 

+13 

+OJL 

+15 

+11 

+05 

+05 

+12 

+16 

+15 

+10 

-02 

+12 

-02 

+2.7 

+05 

+19 


+11 


+05 


+10 


+13 

+11 

+25 

+15 

-05 

+04 

+14 

+15 


+0.7 

-05 

+16 


+10 


EaraJ 

|YieW%] 

(MttJl 


7.15 
753 
6 M 
554 
752 
751 

6.96 
725 
6J4 
656 
827 
723 
5.77 

3.96 
551 
627 
4A1 
65S 
723 
759 
352 
650 
727 
723 
956 
<29 


626 


756 


655 


15.95 


923 

353 

5.76 


653 

759 


Day's Day's Day's 
Change High Low 


Grass 

Df». 

Viett%i 

[Acta 

(27%) 


255 

2.90 

259 

165 

242 

325 

253 

226 

358 

256 

351 

355 
235 
154 
113 

2.70 

352 
250 
253 

359 
131 
309 
325 

356 
351 

2.71 


2.78 


430 


350 


359 

455 
3.72 

456 
459 
Z76 
223 
255 


258 

250 

3-74 


355 


+235 123335123119 


EsL 

P/E 

Ratio 

(Net) 


2754 

1651 

19.99 

2536 

1658 

1653 

1745 

2624 

1935 

2151 


1527 

1757 

23.08 

2924 

2148 

2150 


2956 

2133 

1652 

1643 

3746 

1851 

35.% 

1843 

13.96 

153. 


1854 


16.79 


1835 


629 


1452 

3550 

21.99 


1739 

1651 


acd 

M 
to date 


1646 

1929 

2352 

45J7 

3354 

9.96 

858 

547 

3434 


16.92 

3550 

1623 

36.70 

16.41 

2452 

1002 

5953 

13.78 

1257 

1956 

1538 

3159 

2L92 

4155 

1EL98 

3220 


18.10 


6458 


2231 


1749 

2S55 

2250 

1350 

3255 

727 

1424 

J5S. 


1422 

6.79 

2958 


Its 

Sen 

17 


I met 
No. 


1 96878 

1187571 

imun 


1249321 

1 51852 
57355 
139669 

p722 

■6^25 

W6S7J3 

hnm27 

■B&366 

1133641 

OT9JZg 

2464521 

1449^3 

2310.77 

105224 

169X941 


196043 

§51475 1 


0200.73 


[224231 


84671 

82858 


016451 
■66958 
0222.13 1 
|4ffiL60 
01)667 
156959 


016836 
1 70322 


Sep Sep 
17 16 


124054 


Sep 

15 


Wed 

Sep 

16 


»— ■ — 
HKEK 

No. 


5704H 
1 39152 
L 68 U 6 
L3235l| 
120079 
wisoal 
242950 
2544.99 
13*977 
■66939 
W63501 
P8257 
1 842.91 1 
012630 
■70176 
246C.70 
1445J9I 
226261 
105150 
1685561 


019065 


£228462 


028918 BZ7677 026850 


83733 

|SZ334| 

013462 

|65U0| 

021332 

149367 

pl346 

(56463 


0155J5 

(696521 

022838 


Tie 

Sep 

15 


Mb 

Ho. 


95Sm 

Bn*; iw 

§77484 

p483.98 
[2012261 
( 51681 
57133 
1 39(138 
1673,^1 

131854 
118559 
181837 ■ 
Z4UL43S 
2534341 
1339 J7. 
§66457 
3460824 
1186828 
■8Z322 
1123.41 
170L36| 
2«La3; 
1448% 
Z253-6l| 
183650 
tun fK| 


0182.99 


21B9.74 


83436 


(82253 

odisb 

|64638 
019434 1 
§49118 
030733 
1562.91 


014253 

(69853 

0228+8 


Yea 

ago 

topmOj 


Index 

No. 


67438 
178957 
^18822 1 
C 765. 43 
|C232j 
1372-43 
34734 

1 27102 1 
0237 J4j 
I9287S 
91137 
68752 1 
193751 
0539 JO 
1902X3 1 

1 45930 1 
259236] 
1 87130 1 
53801 

■oo 

■80 
0475-40 
(73950 
00533*1 


825.99 


0335J3 


869X3 


59232 

65533 

835.90 

46808 

106239 

334X7 

74756 

30.96 


76936 

29451 

66337 


Highs and Lows Index 


1987 

High ( Low 


1B38J7? W1 
138156 1617 
195350 1W7 
2733X5 2077 
223870 1777 
54220 297 
59136 3«V7 
40620 167 
1712X9 167 
140632 167 
126935 167 
189225 167 
2649.96 167 
269935 167 
148059 267 
739X8 167 
474696 4 19 
126658 297 
87657 157 
119230 167 
179557 177 
248259 237 
154632 167 
24973S 167 
127434 9 A 
1724.92 187 


126856 167 


2B&68 167 


136938 167 


88231 167 
89838 167 
129671 7 7 
67853 18/9 
139956 177 
5U48 17/1 
137686 167 
683X8 267 


127656 18/9 
727.93 3« 
126053 18/9 


OUi 271 
86039 5/1 
1.18538 2/1 
177222 2 A 

150.77 2A 
39335 27 
355.97 2/1 
27253 2 fl 

117939 2d 
95037 2d 
9S854 2d 
73832 2/1 
188150 2d 
164530 2d 
9B63S 2d 
49L50 2d 
2713X9 2d 
83537 2d 
54139 2d 
81559 5 d 
122236 2d 
288251 2d 
111234 2d 

1567.77 2d 
83735 5/1 

110137 s a 


SUM 2H 


150559 5d 


91531 2d 


61535 2d 
68557 14/4 
86923 2d 
45652 2d 
1089.71 14/4 
34535 2d 
88532 5/1 
36551 2d 


86757 2d 
34136 2d 
77826 2/1 


Sme 

Conoilaiiaa 

High lorn 


1CB&S57 

138158 

195150 

2733X5 

2Z36J8 

54220 

59136 

40630 

1712X9 

140632 

126935 

109225 

2649.96 

2619935 

248859 

739X8 

474696 

116058 

87657 

119250 

179557 

148259 

154632 

249735 

127614 

172692 


157/87 
wna 
16/7/87 
20/7/87 
D/7/87 
29/7 181 
30T7/87 
W718T 
u/7 at 
16/7 d? 
u/7 no 
16/7 J87 
U7 at 

16/7/87 
26/7 07 
u/7 m 
4/9/87 
29/7/87 
is/7 aj 
U/7 OJ 
17/7/87 
18/9 57 
16/7/87 
16/7 07 
9/6/87 
18/9/87 


126836 16/7 07 


245668 16/7 181 


136938 U/7 /87 


88231 

89838 

119671 

67653 

139956 

513X8 

137686 

6S3XS 


16/7/87 
U7/B7 
7/7/87 
28/9/87 
17/7/87 
17/8/87 
167 37 
167 « 7 


117656 18/9 >87 
727.93 3 a m 
126653 18/9 07 


50.71 
4627 
71X8 

84.71 
122951 

45X3 

4665 

2692 

27755 

63X1 

69X7 

5947 

5625 

175-38 

5433 

43X6 

5558 

5253 

6256 

5653 

111136 

7138 

112234 

9030 

517.92 

6639 


230274 
13/12/74 
2/12/74 
25/6 na 

sum 

5/1/75 
6/1/75 
6/1/75 
i5/i m 
13/12/74 
1302/74 
13/12/74 
1102/74 
28/5 ISO 
9/1/75 
60/7S 
60/75 
60/75 
1202/74 
60/75 
2/1/87 
1 0274 
ZO/B7 
29/6 >62 
30/11/84 
6/7 05 


5951 1302/74 


8733 29/5 /62 


63.49 1302/74 


S38 1302/74 
62X4 12/12/74 
4438 2/1/75 
43.96 1302/74 
6556 1602/74 
3131 70/75 
5651 20/4/65 
3339 170204 


7132 130204 
6631 309/74 
9737 6 0/75 


61.92 13/12/74 


Sep 

14 


Sep ] Year 
11 


230CSI 2Z79JI 226451 227131 226131 1600X1 2443X U/7 I 16745 2d I 2443X 157/87 1 986.9 23/7/84 


FIXED INTEREST 


PRICE 

INDICES 

Fri 

Day's 

change 

% 

Thu 

Sent 

27 

id ad}, 
today 

xdadi. 
1967 
to date 








1 


120.93 

+OA5 

1J1« 

082 

865 

2 


136X5 

+139 

13565 


US 

3 

Over 15 years 

14427 

+138 

14263 

034 

1029 

4 

1 — mfr nai-Jilir 

irreoeeroaptrs..... 

15862 

+129 

15660 

- 

061 

5 

ADsuxks 

mM 

+0.99 

132.78 

034 

967 








6 

5 years 

12033 

+835 

17Q14 


238 

7 

0ver5yeara 

11339 

+023 

m« 


260 

8 



+022 

11364 

8S 

265 

9 

WWW 


— 


B0 

■a 

10 

BS3E 

83J3 

-026 

83.95 

B 



AVERA6E GROSS 
REDEMPTION YIELDS 


18 



Fri 

Thu 

Year 


1967 


17 

17 

ago 

(appnncJ 

High 

Low 


038 

962 

967 

9.7B 

2/1 

762 

11/5 

963 

9.77 

1003 

1008 

2/1 

863 

8 n 

9.49 

963 

1006 

1068 

2 /I 

865 

8 6 

1002 

inn 

1072 

1060 

2 /I 

869 

8 IS 

9M 

2004 

2042 

1069 

za 

8.74 

B IS 

9.71 

963 

1063 

1068 

2 a 

B.75 

8 IS 

1030 

1032 

1062 

10.84 

2 a 

868 

6 IS 

in ik 

10-22 

1060 

1067 

2 a 

866 

8/5 

9.73 

967 

1020 

1024 

2 a 

8.72 

8/5 

9.70 

966 

9.94 

1006 

2/1 

867 

8/5 

362 

365 

428 

3.95 

2/1 

263 

20/5 

3L9B 

3.99 

367 

468 

20/8 

330 

6/4 

360 

362 

268 

3X1 

9/9 

065 

24 13 

3.98 

3.99 

3X0 

407 

9/9 

367 

27/3 

11X4 

11X4 

1167 

1167 

25/8 

9X6 

12/6 

11X3 

11X3 

1166 

1162 

28/8 

9.79 

23/3 

11X3 

11X3 

iilfc 

11X8 

26/8 

964 

23/3 

1089 

1066 

10.92 

n to. 

2 a 

1005 

22/6 


^Opening nfen 2314J; 10 am 23153)11 >m 2317X; Noon 2322.9; lpn 23265; 2 pra 23265; 3 pm 23325; 330 pm 23275; 4 pm 2327.7 


Em&ysedkmnr 

Congtomeratw - ■ 
Telepbooe Networks- 
EJednaus. 


•awAte I 

. 31/12/86 

. 31/12/86 

30/11/84 

_ j 3002/83 

Otter Industrial Materials 31/1280 

HeaMVHousEteMPnxfectS 30/12/77 

rwwCmnp 31/12/74 


111457 Mechanic* Engineering. 
517.92 MKtriai Group — 
164655 Otter Financial. 


287.41 Food Manufacturing- 

26L77 Food RetaiUn 

63.75 Insurance I 


31/12/71 

31/12/70 

31/12/70 

2902/57 

29/12/57 

29/12/57 


train 

10000 

15364 

lPILXi 

EgnBysecttoaor^gup 

Mining Finance 

Ban date 

- 29/12/67 

Base nine 
10060 

AHOther — - 

10/4/62 
m 31/12/75 

100.00 

10060 

12866 


30/4/82 

10060 

11463 


_ 31/12/77 

10060 

11463 

9667 

flenfimnu n 

FT-SE 100 Index 

_ 31/12/77 

- 30/12/83 

76.72 

100060 


♦ Flat yMd_ A Eyrf uM tf i to M« h nnltaMe liwtke Publisher^ Dm Fia«rfal Times. Bradeen Hanse, Canaan Street, LtmilnngKAP4BV 1 priif.lSp ^ pnsl T>j i 


APV BAKER PLC 

BfTERIM RESUUTS 

From the statement by the Chairman, Sir Ronald McIntosh KCB: 

‘Yovr company continues to make good progress and the 
: prospects are encouraging." 

"With a high level of orders in hand at the end of June 
and good order prospects in the main business segments, the 
outlook for the second ha if of the year and the carry forward 
into 1988 is promising" 

"The integration of Baker Perkins into the enlarged group 

has gone extremely well. 


FINANCIAL MGHUGHVS 

(Half year figures unaudited) 

Hatfyearfo 

30 June 

1987 1986 

£m Em 

\fearto 

31 Dec 
1986 

Em 

Sales 

298 

195 

417 

Profit before taxation 

16.2 

10.8 

27.5 

Earnings per ordinary share 

22.1p 

20.9p 

5Z5p 

Dividend per-ordinary share 

8p 

7p 

12p 


The potential benefits of 
the merger have been 
widely recognised and 
this has made it possible 
to implement necessary 
changes quickly and 
effectively. Motivation 
throughout the group is 
high." 

"With the recent 
acquisitions in the United 
Kingdom, the USA, Denmark and Germany APV Baker now 
enjoys a broader base than any of its competitors. No one 
industry segment dominates the product portfolio; there are 
modem manufacturing facilities on both sides of the Atlantic; 
and sales in North America and continental Europe are of 
comparable magnitude. This should provide useful protection 
against fluctuations in individual markets and currencies" 

"In the last 18 months, your company's share price has 
more than trebled. The Directors are recommending a 5 for 
1 share spfvf 

(A copy of the full interim announcement is available on 
request from The Secretary APV Baker PLC, Manor Royal, 
CrawfeyRHIO 2GZ.) 


APV BAKER PLC 



WHO IS EOUmCORP? 



new name has been appearing in the 
financial pages recently — Equiticorp Holdings 
T imbed. Since we’re relatively new to Europe, 
we thought you’d like to know a bit more 
about us. 

Eqpit icp rp is an expanding international 
merchant banking and investment group, with 
headquarters in New Zealand. 

Eqiriticorp was formed in 1984 by a group 
of emmenf New Zealand bankers to create an 
indepen dent investment banking house. Teams 
wh ich ha d been built up in two of New Zealand^ 
leading merchant banking operations, Vfestpac 
and Marac Group, joined forces under the 
leadership of Allan Hawkins and Grant Adams, 
each of whom had previously been managing 
director of his respective company. Others who 
helped create the Equiticorp Group indude 
Miles Coney and 
Brian Vfelsh, both 
fonner directors of 
Marac and Pster 
Hunt, who had been 
adirectorof 
Macquarie Bank 
Limited, Australia’s 
leading merchant 
bank. 

In May 1984 the 
public issue of 
Equiticorp shares was 
over-subscribed six times. From that moment 
an the company has grown dramatically 

Today Equiticorp is the 12th largest com- 
pany listed on the New Zealand Stock Exchange 
with 32,000 shareholders and a market 
capitalisation of around £500 milHon. 

What is Equiticorp^ business? 

mer chant banking , (particularly in Australia 


GROUP 
NET PROFIT 
£m 


EARNINGS 
PER SHARE 



and New Zealand) and investment in a number 
cS companies, usually industrial. 

On the merchant banking side, we pro- 
vide a comprehensive service which includes 
commercial lending, property lending, money 
market, syndications, corporate advice and the 
development of financial products. Our service 
is especially aimed at medium sized corporate 
customers. 

On the investment side our investments 
include companies whose products ran ge from 
furniture to freezers and building products to 
banking. As examples, we have a 49% stake in 
Eeltex which is the largest wool carpet 
manufacturer in the world and a 23% stake in 
fisher & ftykel which is the largest white goods 
manufactu rer in New Zealand . 

What is Eamticon^s record? 

In the past three 
years Equiticorp’s 
profits have grown 
from £L96 million in 
1965, to £1L47 millio n 
in 1986, and to £39.58 
million for the latest 
financial yean 
Shareholders’ 
funds have grown 
from the initial 
flotation level of 
£1321 miTK on to their 
present level of over £188 million. 

Each 50 cents invested in the original issue 
is now worth around NZ$12.10, a growth of over 
24 times in under four years. 

Where is Equiticorp? 

From our base in Australia and New 
Zealand, we are now moving into the United 
States and Hong Kong as well as the United 
Kingdom. 


SHAREHOLDERS’ 
FUNDS 
£m 



EQUITICORP 

Equiticorp Holdings Limited 


If jon mxzkf Eteftmher nfonaaiion and a copy of oarKepart& Accouno phase coniacc 
Ralph MirchcD, Samuel Montag u & C A I 10 Loner Thames Streep t mvfcm EC3R 6AE. lit 01*260 9000. 


i 




































































































INTL. COMPANIES and FINANCE 


financial Times Saturday September 13 1387 

COMMODITIES AND AGRICULTURE 




Michelin expands 38% in first halt 


WEEKLY PRICE CHANGES 


BY PAUL BEITS IN PARIS 


I Latest = . 

[ prices HB«. 

par tonno . on ; 
I unless } weefc , 
stated ; 


3HCHELEV, the French tyre from SFr 144m the year before, dollar terms, sales rose by near breakeven in the first half 1 metals 


group, has shown a 38 per cent CFM groups Michelin’s world* more than 11 per cent to of this year. 


Aluminium.—' 


First-half group cash flow I c,l f ! 


of last year. The group is now lin recently opened 10 per cent 


■35bn in the comparable rose by 15 per cent to Free Meriwt w.es 

inod. FFr 2.75bn from FFr 2-39bn. co pperCas h Grade * 

MicheUn has .made a major S^roz. •— ~ 


”!«1 7551756 1 4-65 STW&SM 
Isazancasa’+s ssrto-zsx 


expected to report profits of of the capital of its Swiss hold- d £ into the US roarketanri holding company increased by U*dOaah_ 

FFr 2.5bn or more for the whole ins company to outside share- ST* Wem-h eroun K.i,, 10.3 per cent to SFr 480m from M .s month * 

of this year comnared with net holders. SS+E? SFr 435m. 


of this year compared with net holders, 
profits of FFr l.dbn in 1886. Miche 


sazancasa '+s szaia-ssx! 

-j !!!§!:” Ill' 75 SIM! 

: sa* xm 3 ; biT'sk 

J £3ts 5 i-01 : £281.25 £417.3 ^290.75 


market share rise by more than 
bpchelin group sales for the one percentage point in the US 


Z jSSJr — — ~ — Nickel 

nr 435m. . .... Free market 

Sales of the Swiss holding Palladium — ■ 


The company, the world’s first half declined by 2.9 per market during the last year i“ the first half dec- 

second largest tyre producer cent to FFr 22.8bn from FFr Michelin is understood to We ^5 ed by 48 P* 1 06111 t0 
after Goodyear of the US, also 23J>bn last time. In volume nearly W per cent of the US ®®' r 4-32bn from SFr 4J52bn, 


244/2&4C ■*7 2«/104e2«7i£67c IH'TJJp 

813785 —0.25 ! 6143.00 '1161 AO £17.13 
1638175 : 95B2.QO 5646.50 3470.73 


said that its Swiss holding com- terms, however, sales rose by tyre marker, 
pany Compagnie Financiere 2.7per cent. _ *«„ h M11 


Michelin (CFM I saw first half The sales decline in franc 


profits increase by nearly 53 per terms largely reflected the Jm- restructuring in recent years, Swiss company would have cash- 

cent to SFr 220m ($146.7m) pact of the declining dollar. In French operations were also shown a 12.8 per emit increase, rromirtn-r 


Quicksilver (VSfbs) 

6320/380-+ ia.» 
481. 2 Op +23.35 

3 33. 35 p 

653,60/7 

344.4Cp 

3 months per ok. j 

472.70p 1+13.55 

407ft5p 


Tin — — — — — 1 

£4150)4150 *—15 

£3760 7S0 £4.Blfl 6« £3,9601899 


855.47 —10 

F51^b 



Woffram (88.04 lb*)^ J 

Zlno cash.... 

S 38150 j— 4.5 
£447.5 .-10 
£458.75 —9 

£538 

£630.75 

£557 

£SSO.S 

£447 

'£448 

;S770.‘790 

Producers- ...... — j 

6860 i - 

£ 920 



Shell re-enters Italian market 


^BeulW Futures £102.79 ;-f 2.15 


Maize French : £146.00 -12 

WHEAT Futures Nov — ...J £103.60 j— I 0.35 


£108.99 '£118.59 CS5.30 
£194.00 E 163 .BO i 0.4200 
£107.40 '£125.50 C98.75 


BY JOHN WYLES IN ROME 

THE ROYAL DUTCH SHELL the new company at a time yet (S91m) — half of the cost of 
group is returning as a signifi- to be determined. Seim’s purchase from Total — 

cant presence in the Italian According to a joint state- for its stake in the new cora- 
pe tro It- um products market ment issued yesterday, Monte- pany. Some of its product is 

tb rough a new joint venture Shell will eventually hold expected to be refined at a 

agreement with Seim. Mont- around 10 per cent of the plant near Trieste in which | 

edi son's energy subsidiary. Italian retail market for Seim acquired Total's 20 per ; 


SbeU-Italy and Seim have petroleum products, llijs would cent stake. 


Burdened by some of the 


agreed to set up “ Monte shell, " put it an a par with Esso’s mar- Burdened by some of the 
which will initially take control ket share, though still behind highest prices in Europe, Italian 
of the 2,548 petrol station out- Agip’s 25.6 per ceut, and IP's petrol sales have shown very 
lets which Seim recently 11.6 per cent. Shell was once modest growth in recent years, 

acquired from the Total group an important presence in Italy, rising from lL15m tonnes in 
of France. Shell's 120 outlets, but largely withdrew in the 1973 to 11,79m tonnes last year. I 
acquired some time ago from 1970’s. Diesel oil consumption, how- 1 

Conoco. and Seim’s 400 It is understood that Shell ever, has leaped from 4.94m 

stations will also be put into Italy will initially pay L120bn tonnes to 14£4m j 



; spices 

Cloves , 

Pepper white. i 

black J 

OILS 

Coconut rpmiippinssL. — 
palm Malayaik. — > 

SEEDS ! 


S3.8C0 AMO 
SS4TO ' 54,900 
64,900 i*,kOO 


9470w 

S333y 


Copra (Philippine*!....— ! . ss k s 

Soyabeans (U.60. SI 52 


ife J 


OTHER COMMODITIES ■ _„._I 

Cocoa Futures Dec f CJ2E4-5 tZ6 

Gorfee Futures Nov £1321.6 — 

Cotton Outlook A indent. — ; i ‘ E 

Gas Oil Fut. Hot ! 8156 —0.5 

jute UA ewe grade 3429 > — 


Rubber kilo { 70-Sp 

Slant Nn. 3L, -....i 3613 


Matra seeks friendly holders 


BY GEORGE GRAHAM IN PARIS 


Bellisario 
appointed 
Telit chief 


Sisal No. 31 -....i 

Sugar (Raw’„ — — ; 

Tea 'quality l Kilo 

(low mad) kilo— »} 

Wool tops 64a Soper — . 


3613 • - 

3164. St ,+6.6 


£1582.5 

£2432 

45.30c 

3128 

6225 

62a 

£625 

3119.5 

20 Dp 


£1.439.5 £1,190.5 
£zfe35.5 £I>20L3 
87.70c GS.BBo 
5173.85 .8135,5 
5425 *880 

71.5o : SOp 

S315 8610 

Sa04 -613B.5 
ISOp <140p 
lllp SOp 


— ZZZp Jllp 3Up 

— ,393p kilo ,548p kilo416p kSh 


t Unquoted, (x) Nov. (w) S«Pt/0«. (y) Dec- (:) Cka/Nov. (*> Oct. 


ALUMINIUM 


Unofficial + or l High 'Low 
close 1p.m.) — I 


THE FREN'CH Government has stake after the privatisation, Potential bidders are thought 
called for applications for a because of Matra's importance to include Mr Lagardere, the 
“hard core” of friendly inves- in the French defence German motor group Daimler 
tors for Matra, the electronics industry. Benz, and General Electric 


By Our Rome Correspondent 


S par tones 


and armaments company, whirh 


investors can Company of the UK. 


General Electric 


is to be privatised neat month, apply for between 1 and 6 per Matra shares were trading i 

A hard core controlling up cent of Matra capital but must at about FFr 2,100 yesterday, : 

to 22 Tier cent of the current a S ree to P®>' a of 40 down 27 per cent from their i 

Snital of Matro wiU be V* T <* nt to the offer price, peak earlier this year, but a i 

formed which can be which they will not know until 12-for-one share split is ex- 


capital 

formed. 


of Matra 
which 


increased to 25 per cent in the be j' 01 'e £^ Iic offer - at before the sale of the 


framework of an eventual the end of October. 


capital increase at the same 
time as the privatisation. 


With some earlier privatisa- 


state’s stake. 

Mr Edouard Balladur, the 


tions, the premium demanded finance minister, has come 
from the hard core investors — under increasing attack re- 


. i- uum uic u<uu kvic muaiu.s— uuuci utucoauifi 

^ The government controls government prefers to call cently both from the opposi- 
a0.9 per cent of the electronics them “stable shareholders**-— tion socialist party and from 
group, which is chaired by Mr has been much less, though Barr 1st members of the right 
Jean-Luc Lagardere. It will where control of the company wing majority for placing his 
keep a special share allowing was at issue the premium has political allies in control of the 
it to prevent anyone from sometimes been as high as 50 hard cores of many of the 
taking more than a 10 per cent per cent privatisations so far. 


Higher premiums lift Skandia 


BY KEVIN DONE, NORDIC CORRESPONDENT. JH STOCKHOLM 


SKANDIA, 


leading also been held in Check as company cars. 


Premium income for home 


Swedish insurance group, a result of a recent reorganisa- Premium income for home 
boosted the operating profits of tion, including the toss of insurance had fallen in response | 
its non-life insurance activities around 450 jobs in the group, to premium increases and a sub- j 
fivefold in the first eight Skandia is seeking to cut its sequent loss of market shares, 
months of the year to operating costs by SKr 200m but the profitability of these 
SKr 205m (S32Jm) compared during 1987. The full impact operations had also improved, 
with SKr 40m in the correspond- of the rationalisation measures Skandia said that the group's 


with SKr 40m in the correspond- of the rationalisation measures 
ing period a year earlier. will not be felt for some time, 

Total premium income for Mr Wolrath said, 
casualty insurance rose by Skandia had been losing mar- 
11 per cent to SKr 3.252bn. ket shares on several indidivual 


will not be felt for some time, surplus (shareholders' equity, 
Mr Wolrath said. untaxed reserves and surplus 


Mr Bjorn Wolrath, 


by Skandia had been losing mar- value of assets) had jumped by 
bn. ket shares on several indidivual SKr 1.9bn to SKr 12.2bn during 
chief insurance lines as well as the first eight months of the 


executive, said the improve* among small business customers, y wr as a result of higher profits 


ment had resulted both from The company said it had im- and the boom in share and pro- 


higher premiums and measures proved the results of its motor perty prices. 


taken to dampen the rise in insurance activities thanks to 


casualty costs. 


group’s net income 


MBS MARXSA Bellisario, the 
47-year-old Managing director 
of Italtel, the Italian 
publicly-owned telecommu- 
nications manufacturer, has 
been appointed to the same 
position at Telit, the new 
joint venture to be formed 
through a merger of Italtel 
with Telettra, Fiat's subsi- 
diary. 

Confirmation of the appoint- 
ment brings to an end 
several months of speculation 
...and behind the scenes 
jvtitical manoeuvring over 
the management of Italy’s 
new telecommunications flag- 
ship. 

Her nomination should be 
shortly followed by an 
announcement of Telit’s presi- 
d lit, who is expected to be 
drawn from the Fiat camp. 
The Turin giant will own 48 
per cent of the new company, 
XBI and its Stet subsidiary 
wifl own another 48 per cent 
with the balancing 4 per cent 
going Into the nominally 
public hands of Mediobanca, 
the Milan merchant bank con- 
trolled by three state-owned 
banks. 

Since taking over as man- 
aging director of Italtel in 
1981, Mrs Bellisario has man- 
aged a considerable restrui- 
turing of the company 

Telit’s creation is a sign of 
Italy’s determination to 
strengthen its position in the 
restructuring of the Euro- 
pean telecommunications 
industry 


1810-20 +40 


unn 10AU-6U j ■! j — _ 

3 months' 1743-55 i + B5 !t755’J7« 


Official closing (am): Cxab 18I5-2o 
(1740-5), three months 1743-65 
(1710-5). me ttla Riant 1825 (1745). Final 
Kerb dose: N/A. Ring turnover: 1500 
tenon. 


INDICES 
REUTERS ___ 

Sept IB Sept. 17 M*tti ago Year ego 
16 64 ,8_ 1 654.2 ^ 1 668.4 { 350W»' 
{Ban: September 18 1833*100) 

DOW JONES 

Dow Mpt. . Sept. | U*tn < Year 
Jonms 17 - 16 I ago ‘ ago 


US MARKETS 

PRECIOUS METALS traded 
qfety lower on the day a 
combination of trade, ftm* 
and toca! selling, reports 
Drexel Burnham Lambert. 
However, at the lower levels, 
trade and commission house 
support prompted short-^over- 
ins which pared l°*se£ 
Copper fen on 
selling but eventually reached 
new contract highs on good 
mixed buying before profit* 
tking and local long-Uqufda* 
tion eased prices. Crude oil 
futures were confined to ft 
narrow range in light volume. 
Coffee firmed on book-squar* 
Ing before the ICO meeting. 
Cocoa was quietly firm, back- 
ing off on late profit-taking. 
Sugar rallied on commission 
house buying and stops, but 
trade se&le-up price-fix selling 
put the market on the defen- 
sive for the rest of the day. 
Cotton firmed on commission 
house buying, but trade 
resistance at the highs caused 
prices to ease towards the 
dose. Orange juice Was firm 
on commission bouse buying. 
Reports that India was 
interested in sizeable quanti- 
ties of US grain kept maize 
firm, but forecasts of better 
harvesting weather weakened 
prices following early profes- 
sional and commission house 
busi n ess with Bangladesh and 
Egypt Soyabeans were higher 
reflecting firmer cash prices 
and delays on harvesting. 
Soyameal firmed on reports of 
a smaller weekly crush, ond 
good South American trade. 
Soya oti steadied on techni- 
cal buying and in response to 
higher values in Europe. 
Cattle 


HEATING OH. 4&80* US gtikSK 
■ oma/US saBWie 

. don Pnv KWi 


Oct 

6IJB& 

Slftl 


SIM 

/ 

Nov 

.BM 

&t«l 

SZJSO 

stra- 


Dae 

SSJOO 

53.04 

53.16 

62.76 


Jm 

53.50 

63.23 

GSftO 

BL40 


FMt 

53.75 

■ 6196 63JB 

6S.70 


Mar 

&2S 

52.30 

52J6 

SZ,ffl 

% 

April 

60.90 

91JD0 

' sifto 

Suta 

t 

May 

43JT 

46.75 

SOM 



Jons 

4 tun 

4fc2» OJO 

0*30 

9 


July. 4A40 49.45 . 4&40 A 

ORAHQE JUICE 15,009 KVC8m/U> 


March 128.40 vam usoo moo 


W1.10 mao mao 130.7s 

128.73 128 JO 129.70 T23.50 
129.00 7»JS 129-00 120.30 
130.05 129-55 130.20 128.35 
137. IE 133.10 130.00 taSM 

mss izbjs . — - — 

13W5 T29J8 — 


NEW YORK 


3LUM1K1UM 40000 B>. cantt/lb 
CifjKfi P«w High 

S«pt 82.80 8205 — 

Oct 80.26 80.00 — 

Now 80JS 80.00 — 

I DSC 79 JO 79 JS 79 SO 

Jan 77.75 77 SO — ■ 

March WJ» 74-76 — 

May 71-80 71.66 — 

July 8 9,75 69 SO — 

COCOA TO toanaa: 3/tonnwa ~ 
CIOM Prev Htah 

DSC 19.12 19JI7 184S 

Mar 19J0 ' 19JU 19.40 

May 19.58 19.52 18.62 

July 19.78 19.75 — 

San 18.98 19.98 — 


Spot 128.37 1 26.91. — 133.09 

Fut ;isi jz6 i3i.oEj — iias.es 

(Site DsoKstiw 311S31-100)" 


Cull ! 3083-7 
3 monthv. 1030-1 


j + 2B I 

i+11 !l 0401 1026 


SILVER 


79 JS 79 SO 79.G0 j u |y 


ng. matwum bo troy oc. ywy 01 

-fc. La^tat PrtW. High - Ir.w 

Glow Prev Wgh toss 

Oct ' 582.7 5908 898.5 SAX} 

km Jan Egw.1 898.7 VXiJO ■ 590S 

so t Apr 5893 6063 6113 601.5 

' Juf 606,1 615.4 818ft 635.0 

“* Ot* 616.6 623.9 - . — 

pfl- — 

SH.VBI 6,000 troy ou can M/trey w 

Ian ctosa Pn* High La** 

iteps mS 187.5 n3!5. mo 

Oct - 738ft 7600 — — 

»d Now 743.7 76B-* — — 

2m Me 748J5 770.0 777ft 746ft 

tfJl . Jan 7S3wS TTSsV 771.0 #71.0 

n* «Srah re-3 788ft 784.0 764.0 

ag. *25^ 798.5 MO.O 770ft 

OS Ji4y 789.1 810.7 809.0 50.0 

Iti- Sapt 801 J 882ft — — 

be SUGAH WORLO "ll” 

ter 112.000 Iba: eante/lb* ~7 ] 

Ctom Prav Htah Law 

*2 Oct Sft7 639 6ft0 6J0 

P®- Jan 6.60 6.70 7.10 6.60 

He March 7.*3 7.18 7J5 7.11 

nA May 7ft3 7ft7 7-65 7.32 

IT Jhj^ 7.48 7ft4 7.W 7^5 

ier Oct 7.89 7.78 7-33 7.68 

*S Jan 7ftl 8.01 — 

fi CHICAGO 

Dd UVE CATTLE 48,000 tb, eaate/1 ~ 
le. Closa Frsv High Low 

ni- Oct 6840 ESftO 6840 66.67 . 

tn Dae 68ft2 68.72 6822 68-57 

J” Fab 68-02 66.52 68.02 60.40 

>*- April 69.12 67ft2 69.12 67 SO 

Juno 69.10 67SS 69.15 67.50 

August 67.60 6620 67.60 66.00 

Oct 66.10 65.00 60.10 6490 

UVE HOGS JftOOO Um Cmmxflb* 

' Chm Prev Kgh Lmm 

Oct ' 47.65 47.06 «7ft2 47 j00 

Low Dae 40.07 45 J33 46-30 46.55 

- Fab 04.02 43-37 44ft2 43.45 

— April 41.07 40UBS 41ft2 4030 

_ — Jum 43.70 4V27 43.8S 43.37 


5.000 bu min, cents/5B {fa-baba! 


Low 

18.96 Sapt 


19,16 Dae - 
19.66 March 


wmreiia. — Silver was fixed 4ftSp an omo 19.99 T9.» — 

Official dosing (am): Cash 1089-91 hfehar liar spot tfaCvary in tha London -ttee 2 CL 2 B — 

(1065-7) three months 1035ft bullion market yeuard*y at 461 ftp- US cnrexc " C 37ft00 Iba; eantt/Ure 

(1022-2ft). settlamant 1091 (1067). Final «">* equivalmitt of tha fahtg lavala COFFEE . ■ c j”- 6 ” ■■ ■ 

Kerb close: 1008-8. Ring tummmr. 27500 were: muc 762.1b, w> 12ftw thres- . ttraa Pm H.pt. L 


dOStl 

Prev 

High 

Low 


rm.fi 

175ft 

177ft 

175.0 

T s 

180.4 

190.6 

182ft 

180.0 

-r. 

189.Z 

189ft 

191ft 

189ft 


194.0 

194,4 

iisft 

1S3ft. - 


196ft 

196ft 

137.6 

198.0 


194ft 

194.4 

196.0 

194.4 


196.0 

196ft 

198.6 

195.4 



COPPER 


JUnoTOnlsI+orl 
f clow — Hlflh/toxr 


were: spot 762-1 c. up lZ2xn thres- . Clow Prev High Low — — 

month 777.85c. op 12.45c; six- month Sept . . 116.00 113.05 119.00 113ftO 

7B3ftSc. op 12.1c; and 12-momh Dec 116.32 T1S.72 118.90 115.60 r?°,. 

831 JEc. up 15ft5e. The metsi opened Mar 11940 119.00 120.08 113-10 March 

at 458V»60p (75V758SD) and ctosod May TajftO 120ft0 121.50 Iffl.SO 

U ASVr4S6p (753-756C). July 121ft5 122.83 122.W 12200 Ju» T _ 

— Sept 123.58 123.75 123.75 123.75 SOYAI 

! j ) I Dec- - 122.50 1252S “• cants/ 


PORK BELLIES 38,000 Iba; Ceotaffbs 

Close Prev Hfoh tow 


£ per tome I 


Cuft 

3 months 


SILVER 

P«r 

troy oz 


1 190.9- Jr-L28^iaa;iiBD ,.r*7, 

1108-3 !-ft (ll 16/1101 spot. 


iBuRihn 4-ort t_M.E. foi 
! Fixing — p.m. — 
J price \ {Unofflc'l 


12tft5 122.83 122.83 122ft0 July BOJS 58-90 59.47 

123.58 13.75 123.75 123.75 SOYABEANS 5,000 ba min; 
122.50 12525. — — 


ctnts/ 60 fb- bushel 


Official closing (am): Casb 1131.5-2.5 
1124-5). three month* l!l4.5-5ft 


(1109-10). SBtdamont 1132ft (1125). 
Final Kerb Close: 1107-8. 


COPPER 25,000 Iba; cente/lba 

bon Prev H5T 
Saot . mm. 84.15 84.25 


“Gw Sept 
83.20 Nov 


Mft5 *■ 

March 


months SlOJSp 


81JZ0 MW 
_ July 


Standard 
Cash 
3 months 


II 14.54 J 
1095ft 


LME — ■Turnover: 0 (0) lots Of 10.000 
ounces. 

Three months final barb 705-Bc. 


TiftS ' Aub 
79.10 Sept 


Ooaa 

Prev 

High 

Low 

Z. , 

535.0 

531ft 

538.0 

532-0 


533ft 

532.6 

538.0 

531.4 


S38.0 

638ft 

543.0 

537.0 

• _ . ■ - 

543ft 

544.6 

648ft 

642.2 


647ft 

660.0 

552ft 

647.4 

- - 

548.4 

551ft 

663ft 

S48.0 


545.0 

648 X) 

546ft 

545.0 


543.0 

638.0 

636.0 

534.0 



S'tt S0YABEAW MEAL WO tons: $ /ton 


Official doting (am): Cash 112&30 


COFFEE 

Attar a quiet and subdued morning 


Total ring turnover 30400 tonnes. 


LEAD 


COTTON BOftOO Iba «enta/lbs 

Attar a quiet and subdued morning 1 Close Prev Htah 

tha market atsadfed with soma trade Oct 7Bft3 78.06 77 

buying and a Arm New York opening. Deo 7Sft5 74.75 75M 

Some lata short-covering and specula- ggpr . 75,37 75.75 76.96 

tivo baying afaaad of next week's ICO Mw 79M 75ft6 7740 

fnaetittg lelt tha marital at tha high*. My 7660 TSM 75.49 

reports Drexal Burnham Lambert. Oct 9B.40 68.86 7000 


(1118-20). three months ,1108-11 th* market srnsdfod with soma trad* I Qct 
(1105*8), o* do mant 1130 (1120). US buying and a Arm New York opening. J Dee 
Producer prioea 88131 cents per lb. Soma late short-covering and specula- 



Close 

Prev 

High 

Low 

Sept 

181.6 

190.5 

181.7 

179.0 

Oct 

174ft 

TM.8 

178.0 

173.2 

Oao 

TTO.6 

170.6 

172.0 

169ft 

•lain 

168ft 

168ft 

159 5 

167.3 

Maith 

167ft 

188.7 

188.0 

166-0 

May 

165.6 

166.7 

167.0 

164ft 

July 

166.5 

166.0 

167ft 

165.0 

August 

106ft 

184.0 

166ft 

165.0 

Sapt 

166ft 

184.1 

166ft 

165.0 


Unotoalal + or 
dose (p.m-1 — HlgnrLow 

£ per tonne 


iww-i# i«*.| «uu-r IB 

SSftO SOYABEAN OIL 60,000 lb: cents/lbs 


iYederdeyf + or] Buafnaw CRUDE OIL 0JOHT) 4^000 US flailOaai _ 

I dose — Bone Vbsrrete 

n 'Tn M 39 M 1 . 1 S 77 Uteat Prev " Ngh tow Dk 

la's ilaiisS Oct IBftB 19.51 79.69 78ftS Jm 

10 D 1345- 1530 79.16 19ft0 19.10 Mw 

7.0 1360-1349 W.W 18.06 18ft6 Msy 

6.6 1376-1370 Jan Wft 2 18ft6 19.00 Mftl Jufy 

1390-1405. +7.0 1399-1395 Feb WftO 18ft4 18.96 1868 Aug 

jl410-M1Sl+2.0 1418-1419 «*rch «« 1887 

April 18-86 18-90 TOM ISftB Oct 

r«2 (1.485) lota ol 5 tonnes. May 18ft3 1U8 WftT I8ft3 ^3— ■ 


Cash 389.681ft — lft 
3 Months 373-4 —1 


388.5/388 

376/370 


12.6] 1323-1305 


higher car insurance premiums showed a sharp drop to SKr 


Official dosing (am): Cash 388-8.5 July 
(386.5). three months 372-2.5 (37.5-8), SspL. 
settlement 388.5 (398). Hnal Kart) 

Close: 375-8. Ring turnover 0075 tonne*. Saw 
US Spot: 42 cents par lb. IU J 


Administration costs have and reduced accident claims for 284m from SKr 518m 


Pillsbury foods 
business helps 
earnings rise 

By Our Financial Staff 


Komatsu income off 41% 


Petroleum and 
minerals boost 
BHP result 



7.0 1360-1349 ; 


8.6 1376-1370 I 
.1390-1405. +7.0 1399-1395 1 Feb 


NICKEL 


Salas: 2,742 (1.485) lota ol 5 tonnes. May 
ICO indicator prioea (US cents per June 
pound) lor September 17: Comp daily July 
1378 10468 (104.15); 15-day average . 
106.77 (105.63). 


Uteat 

Prev • 

Mgh 

Low 

19*48 

18.68 

19.80 

1846 

19.16 

19.18 

19.20 

19.10 

1900 

1901 

18.06 

T8ft6 

Wft2 

18-96 

19.00 

Mftl 

WftO 

1804 

18.68 

7808 

1808 

1802 

18ft3 

1807 

18JB 

1800 

ieo» 

18ft6 

■WL83 

nn 

Wfti 

I9ft3 

1800 

1806 



18ft0 

18.84 

— 

— 


Latest 

Prsv 

High 

Low 


16.19 

16.12 

16.28 

16.10 


18.16 

IB-23 

1 8.34 

18.14 


76-83 

18.61 

16.72 

16.52 


16.86 

16.75 

16.88 

1B.63 


1<L9S 

17.08 

17.18 

76ft5 


17.12 

17J1 

T7ftS 

17.10 

• • 

17J0 

17.50 

17.55 

17ft0 


17ft6 

17.61 

17ft0 

17.90 


17.30 

17.60 

17.70 

17.30 


17ft* 

17.70 

17.70 

17.45 

% _ 


WHEAT 5.000 bu min; oenta/60U>- 
bushal 


GOLD 100 tray oe 5/troy oz 


PILLSBURY, the US foods and first quarter ended June 30, sjo’” ““ t [0 yjlshn. 
restaurants group, boosted 1987, down 40.8 per cent over Sected hr toe adverse ' SS 
firot^narter earnings by 19 per the same period lart year. Sf Seating Ye^MdrioS 

cent to S56.8m or 66 cents a Consolidated sales for the B ^ 


cent to S56.8m or 66 cents a Consolidated sales for the 
share from $47.9m or 95 cents, period fell by 11.6 per cent to 


demand. 

For the full fiscal year, the 


21 per cent to $54.9m on a 12 
pea- cent increase an sales to 
S752m. International foods and 


SSI* 1 SANOFI, toe pharmaceuticals, tical group also reported a 

were outstanding performers | heautv nroducts and hioterh- 26 ner cent rise in cash flow 


BY YOKO SHI BATA IN TOKYO MWMM 

KOMATSU, the Japanese con- aggressive public finance pro- Our Sydney Corruspomtent 
struction machinery maker, yes- gramme as well as healthy pri- BROKEN HILL Proprietary, 
terday reported consolidated net vate-sector housing investment Australia's largest company, 
profits of Y5.6bn C$39m) in the Overseas net sales decreased yesterday reported a 31 per 
quarter ended June 30. jlST Sit to nfi cent improvement in 

iJS- T v Sr 0Ver Affected by toe adverse effect 9 a3Xte ^ steamings as 
te same period last yew. of toe strong Yen, and sluggish mereased petroleum and 

Consolidated sales for the dpmanri B ^ ^ minerals profits outweighed 

eriod fell by 11.6 per cent to lower steel earnings. 

363.7bn. Lower sales and For 1116 ^ fiscal year, toe « f 

refits reflected the adverse export environment will remain tn^AnJS 

ffect of toe yen’s appreciation, unpredictable, but domestic de- 

Domestic sales rose 6.1 per mand is expected to expand fur- jggg tafEffiT&S . IJn- 
ant to Y130J2bn, centering on ther. Consolidated net profits *iSim i n e T„ 

i creased sales of hydraulic ex- are projected at Y12JSbu, down £“ “ “5 

avators and bulldozers. This in 15 per cent on last year, and * Z 

irn reflected improved demand turnover is forecast at Y720bn, ewHnAMjSrtm * 

ir construction equipment sti- down 8.7 per cent from toe pro- A*z,44im non* 
mlated by the governments vious year. A breakdown of the figures 

revealed a quadrupling of 
petroleum profits to A$1005m 

Sanoti jumps 40% at halfway stage higher world oil prices and 

_____ , . . increased production. 


Unoffiolaf ■+• or 
olose (p.m.) — HJghfLow 
£ par tonne 


COCOA 

Futures traded in subdued cati- 


Cash 

3 months] 


—87.5 S270|51B& lecturers 
—84ft 328DJ5Z7D orlolns c 


Official closing (am): Cash 3270-5 


aalsa. reports GUI and Duff us. 


(3278-80), three months 3270-5 (328B- 
90). aat tjsme nt 3275 (3280). Final Karfa 
close: 3270-5. Ring turnover 1014 
tonnes. 


I Yesterday's j 
I ctoae + or Business jun, 


: par tonno ( 


Sspt 

Ctoss 

468.1 

Prav 

459.7 

High 

4620 

Low 

462.0 

Oct 

4G0ft 

460.9 

463ft 

4S9.Q 

Nov 

482ft 

464.0 



itec 

466ft 

466ft 

468ft 

466.0 

Fat 

481.7 

473ft 

478.4 

471ft 

April 

478.0 

479.9 

482ft 

480ft 

Jtew 

484ft 

486.1 

487ft 

486ft 

Oct 

4SBft 

600.0 

501.0 

501.0 

£to 

505.6 

607ft 

509.5 

506 ft 

f+b 

613.0 

614ft 



June 

528.0 

629.8 

529.0 

6290 


SPOT PRICES: Chicago loose lard 


and Harman silver bullion 751J5 
(753.0) cants per troy ounce. Now 
York tin 318-318 (317-318) cants par 
pound. 


helped by continued strong Y363.7bn. Lower sales and sor tne run fiscal year, the 
performance in its foods busi- profits reflected the adverse export environment will remain 
ness, a stabilising in its re s- effect of toe yen’s appreciation, unpredictable, but domestic de- 
taurants and a lower tax rate. Domestic sales rose 6.1 per mand is expected to expand fur- 
Sains 4o an 4Rbn cent to Y130ibn. centering on ther. Consolidated net profits 

from SI 38bn last vear ‘'Fiscal ^creased sales of hydraulic ex- are projected at Y12Jbn, down 

cavators and bulldozers. This in 15 per cent on last year, and 
turn reflected improved demand tornover is forecast at Y720bn, 
Mr John Stafford, chairman. f or construction equipment sti- down 8.7 per cent from toe pre- 
The company said operating mulated by toe government’s vious year, 
profits for its foods group rose , 


ZINC 


Unofficial 4>or 
oloso 1p.m.) — 

£ par tonno 


Sapt. 1192-1193 —4.0 iva-lln HQCA — Locations I ax-farm spot 

Dec...——.. 1824-1285 —lft 1228-1817 prices. The UK monetary coefficient for 
March....—. 1254-1255 [—1.0 12GS-1M6 the weak beginning Monday September 
May — — JS2f"looc — I'S (based on HGCA calculations using 

IKM-IRflfi . — ft fl ahnt. risiM* 3 


RUBBER 


iJlSr retsa) i* expected 

Sept Sgjggrgg to ramam unchanged. 


I Cash 1447ft l —2.5 | - Seles; 3.188 (2.392) Iota ot 10 

S months W25.S-5 | —2 / 455/462 tonnes. The market was vary thin with 

■ — ■ — ■» "— •» ICCO Indicator prices (SDRs par P'*™ railing during tho afternoon In 

Official closing (am): Cash 448-8.5 tonne). Daily price tar September 18: hnheipatlon of favourable weather over 
52. 5-3 ft). three months *53-4 1541.43 (1540.33); 10-day average tar the weekend, reports Coley and Harper. 


PHYSICALS — closing prises (buyers): 
®g«- 7°-»P CjSpPlJ Oct 70.00p 
fTO.SOp); Nov 70.25 p (70.75p). The 
Kuala Lumpur fob prices (Maley-Singa- 
pore cants) per kg waa: RSS No 1 
271.0 (same); SMR 20 2SS.fi (2S8ft). 


1641.43 (1540.33): lOftay average 

(457.5-8). aattremsnt 448.5 (453.5). September 21: 15Z7.0S (1528.78). 
Final Kerb dose: 9200 tonnes. US Prime 
Western: 43/47.75 cants par lb. 

Kusln Lumpur Th? MarhsC: Close 18.30 FREIGHT FUTURES 
(18.91) ringgit par kg. Down 0.01 

ringgit per kg. " “ * . "r 1 ■ 


the weekend, rep orts Coley and Harper. 

„ .. pfoatenteyai Previous [Business 
Wutilh 1 dose 1 do— I done 

£ per tonne 


SOYABEAN MEAL. 


fasterd*y; j + o- J Business 
close | — done 


I Close JHlgh/Lowl Prav. 


during toe q uarter, nology company controlled by to FFr 525m compared with 

in contrast operating profits £h e French Elf-Aquitaine oil FFr 416m in toe first half last 
for the restaurant group fell 4 group, has produced a 40 per year. First-half consolidated 
per cent to_ 673.5m on a 1 per cent increase in first half con- sales rose 10 per cent to I 
cent drop m sales. Fast food solidated net profits, excluding FFr 6.4bn from FFr 5.8bn in 
restaurants had a 2 per cent minority interests, to FFr 267m toe y ear-before period. , 

decline to operating profits as <US$ 44 -2m) from FFr 191m in Sales in the group’s pharma- 


beauty products and biotech- 26 per cent rise in cash flow 


decline to operating profits as 


Sales in the group’s pharma- 


Distxon, Burger King’s distri- 1 the first half of last year, ceutical and health care divl- 


bution 


increased competition 


encountered I writes Panl Betts in Paris. 


sion rose 4-5 per cent in the 


The fast-growing pharmaceu- first half to FFr 3.6bn. 


Minerals profits rose 8 per 
cent to A$S2ftm. A dividend 
from a Brazilian iron ore 
venture together with im- 
proved results from other 
areas overcame n downturn in 
coal operations. 

Steel profits, hurt by plant 
rommlstfemiK problems and 
industrial action, plunged by 
a third from AS61.7m to 
A$40.5in. 


Dry Cargo 


LONDON METAL EXCHANGE 
TRADED OPTIONS 


Associate helps push Adsteam ahead 


Strike 


Price 

CaHa 

9 /tonno 

Now. 





99.755 - 

— 


Nov. Jen. 


Oct. 10Seil0501050/1MB10Mjl05Q Sal si 
Jan. lloanioe 1200/1080 1109/1100 ..... 
Apr. 1169/1 lflO 1150/11451166/1150 OIL 
July 1085 1040 ■ — — II ~ 

Oct. 1150 — 

Jan. 1150 — — 

April 1880 — — — — ■ 

BF1. 1034 — — ' ” CRUDI 


New. 1 82.50 84.30 82.60-88.00 £ 

Fob. I 93.00 93,001 — Mr tonne 

Maraft... 85.30 86.00 — Qctobar*... t4ajs-i6t,a — z < 

Apr 131.40 132.60 13S.0O-13 1.30 Doe IS3ft-135ft +0; 

1146.60 146.30 148.00 .. Fab 1S5.ft-J3fi.B -O.. 

- ■ — — April .„. — lUft-IU.o —O. 

Sslaa: 219 (430) Iota of 40 lonnoe. 


Augvwt^..-.|l»ft42io +0ftB W£ 


SW 


Salas: 5 (552) Iota of 20 toon on. 


Turnover: 81 (141). 


CRUDE OIL — FOB (M par banal) Oat. 

Arab Ught [ — 1 

Arab Heavy — * J — — 

Dubai. IllG.65-26.85i— U>i9fl 


GRAINS 

LONDON GRAINS— Wheat: US dark 


W.T.I. (Ipm adt). — 10.48-19.1 
ForoadM (Nlgaria) — 

Urals (eft NWS). — 


SUGAR 




17K *184ftD (£99.60), up $8.20 (up £3,40) 
, 75 “ Nr Oeuber-Novembor delivery. 

_ Whsta auger SI 87. Bp, up jiftp. 


SBiaWi bb~” Ndv 96.50. US No. 2 soft red Wort Europe 

471* 62 1141 b Jrtnrar Ocr 90.5ft Nov 93.00, Oaa 9*.Sa. p roi»Pt dallva/y elf (Spar tonne) 


[Yaatwd'a Previous I flualnass 


BY CHRIS SHERWELL IN SYDNEY 


ADELAIDE STEAMSHIP, the dispel some of the market gloom losses, including Adsteam’s as- from A$71ftm. Including 

Australian conglomerate headed which has surrounded Mr sociate losses, totalled A$18m, a equity accounted profits, after- 

by entrepreneur Mr John Spai- Spalvins in recent months as he sharp reversal from the previous tax earnings increased to copper { 1,076 te4i» ae^is aaif iS'ro aSTw “Sari^‘ oS’iiahtani ioSt 

vias, and its associate, the retail has acted on his conviction— so year’s A$6m profit AJBfiZ.Om from A$94.1m. (Grade a) i,ioo afli« |wi« m 59.6/101 fto bwar/wiioiL Oct tos.oo 

group David Jones, have sharply far not vindicated— that the This reflected losses made on Regarding sts stake in 1 i,w asiaiB7 67ia 8e iiera. o«/Dee lOS.75/1OTftft Jm/ 

increased annual profits, stock market has peaked. a deal with Mr Robert Holmes National Australia Rank. David buy Si'!^ erB -«. RM 

. Adsteam has announced its Adsteam shares added 90 it Court’s Weeks Petroleum in- Jones repeated its intention to rm n i08.i&4JS. Nw Tos.80ft.B6. jm 

intention to continue accumulat- cents to finish at AS1L0O, while volving a -Mock of BHP shares, increase this to 15 ner cent J08.00.T07.50, March nojss-n&o. May 


Copper 
(Grads j 


9 psr toons 


buyer /seller s. Metzo: US No. 3 yellow/ 
French irant bipmsnt seat coast Sapt 


6 Raws 


rabutoum Argus estimates 
• October. 


Oct.— 143.4-145.0]14S.4-143ft 151 0-142.2 
SS®— ~ — 168.4-152.0 153^5-150,0 
SSfC"" - ' ISM*!® 0 - 8 W.D-159J) 


ing shares in Royal Insurance, David Jones closed 80 cents and losses made through hedg- to seek two seats on the bank’s 
the largest UK-based, non-Ufe higher at AS15.20. Both rises in ing operations on futures mar- board. 


insurance company, in which it turn pushed the market to fur- kets. Adsteam said no further 


0/48 8B | ler3 , Oct/Dec 106.76/107ftU Jm/ 

March 110.00/110.75 buysr/asllsra. 
Business dons — Wftawh Sapt 

n 1®.lS-4.7S. Nov 105.80ft.G6, Jan 

UUL-LI 106.00-107.50, March 110JS6-11020. May 

113.10.113.00. July untradod. SalM; 202 
coin BUI ■■rut TS ,Dt 3 o* 1® lonna*. Barfay: SdOl 100.75- 

GOLD BULLION (fins ounce) SepL 38 0 ^ 5 , Ndv fQ2.7S4.ia .Jan. 10B.70-4fta 


GAS OIL FUTURES S 


+ or Business 
— dona 


ssfcdaisMBgH 


No. 5 Wbitsa 
Oot-...j»8.M0B.B [197,8 




announced a 5 pet cent holding ther strong gains, and'it ’ended t 1 ? ls 0 ^ re saS^ MiSe&SdS SSSSiw" BtoSSSb* SHtS&ItS 1 * 

earber this week. the day at yet another record to be written off, and toe group T aL J M’n’g nx Wfifts (sna.931 


US? 

March 107.60-7.00, May untraded. Sales: per tonne 

711 lots of 100 unnas. . 

Fonntial Soviet hanraxt proWoma and if” 1 — 164.25 

ksan shipper demand kept valuea finff Z66.00 

throughout the day with the emphasis j2r , "'~‘ Jg7-07 

again on barley, reports T.' G. Roddick. rTiL ;SH‘22 


Am Eag 10.5474-479 C£23S^ E894> 
MapJeloaI8473-476 (£285^-38718) 


a boost When Mr Spalvins won Fortheyearto June Adsteam’s futures market Sor bi reluctantlv 

government approval for David revenues increased to A$473.2m Figures tor David Jones also r^boted toedecLcinn of mV 1 

Jones to lift its stake in National <US$M6.7m) from A¥365.5m, showed extiaordmary losses, but S IfeatiM thrTreasimer — gold awp i p latinum coins 

Australia Bank, the largest of while after-tax profits would need careful interpretation be- S David Jon S so ahSd 1 Am Ea S ioft474ft79 

the four main trading banks, have fallen without the contri- cause of crossfaoldmgs. Losses iei 2J 5 so aneaa. 

from 9.S per cent to 15 per cent- button from associated com- amounted to A$19.5m, of which Australian legislation ETg^rfafBteSB tEwate.war, 

Adstenm holds about 45 per panics. AS5.4m related to associates. requires the Treasurer s appro- ^ xrug,~»274-i£5Jt r£70^ 7s4i 

cent of David Jones, while David On an equity accounted basis. Revenues in the year to val for an increase above 10 *&*-»££***- 
Jones has a crossholding of 38 however, net earnings rose 43.6 August me to ASL25bn from p» cent, and allows an increase New^ !i»i£iMia RwS 

pir cent in Adsteam. per cent from A$117^m to a Afli.05bn, while net earnings above 15 per cent if it is not old so*....siaeif-iiQi« (aeeiaftes.) 

The deveiopmer appeared to record A$l68.3m. Extraordinary climbed strongly to A$197.8m against the national interest. Nows piatseoaftn i£364uft60| 


[485.i 

J 187.1 

r. — 1SSJ 
t-.~ Iflflj 


Fab. •BMIMMII 


187.67 

160.00. 

158,00 


-1-26156.50^76 

-1.7Hl58ft0ft7.7B 

-OftOlflOJffl 


Australian leeislation (< ,J 8 ,r, nd-8460463 (£2775,^79^, 


■jYeat'rdy 
Mnth f ek»a 


BARLEY 


»fSSE ua p-™' 


requires tee .Treasurer’S appro- ? E&SSSSS* "aSSJ™® 


Sep..- 104.83 +0.161 100.76 +0.50 
Nov,_. 103.66 +0ft3 IM-?® +»ftS 


meat 


No 0 4,470 (3ft28). Jots of 
50 tonnaa; No S 2J225 (IftS). 

da,ivafy prlH » granu- 

STiSK ,Mflar *"■ t2MS0 atann * 


S j u9 * r Agrawnantwus 


'inilfia 106.70 1+0 70 COMWBSIOM Awaiam f a t> «. tor saptamtior 

lia« 1+O.S 107ftO +o!m matkats. fift3. IteJy w, “ e ' 00 « vmrapa 


W: pound|.o.br and *w»«d 
Hs^ivS" FO.fHOJ’rices for Ssjnambar 


(aesijftes,) 

IE364U-369) 


Mar 110.46 +0.« lUV.bO +UJ» OB— Caiil. or«T w "7 s” ">encs W . 5.83 - 

fits £3 ^ *2“ l?a JSHri«S- <ra . Oct 

- H ^.^3 =_ 133; GM " .- - - iK.^tfSE'VSB- 




1 



ft 


- ' • V , :*'? •(•weMewfras. .L; . 


Financial Times Saturday September 19 1987 




















WORLD STOCK MARKETS 


I 

17 

25 : 

»V 

& 

7% 

ID ..«. 

zl% ^ 

uo£ +3t 

fv S 

a 3 

% s 


Se?i**bef 17 



«I "+> 
If* 3 


8% “% 
» -V 

33% — 

38% +% 

* +% 


TO. , 

Wk +% 


’-■ 1 > 

r~- a: 


£ • £• : 

' ii ■ — : ■ ’ 

" 





341, 

151. 

W 1 

29% I -% 

S' I* 1 

I 

51% 

I I 

35% -% 

I i 

112 

21 — % 

-% 

a 3 


32% 

& 3 

¥ 3 

5? ^ 

« -£ 
22 % -% 


5 - I - 


*'a 







^ 3 
i? 3 
a 3 


101 -% 
3»i — ■ ~ 

»■. +* 


s ^ 

75% — 


Jrt I +ji 
90V j -1% 
\ +% 





£ 


3 




20% -% 
30% I -% 


T « 

^ a 
»• +* 


a -I s 

& "5 
2?% -% 


a j? 

a% -«• 


SU 

« J -% 

S3 


WALL STREET 

Stocks held 
in narrow 
range 

STOCKS REMAINED ill a narrow 
range, inching higher on sluggish 
volume on Wall Street yesterday, 
When concern about the expira- 
tions of stock index futures and 
options and individual stock 
options kept the trading cautious, 
little change In dollar and bonds 
prices lent no direction to stock 
investors. 

After rising around 15 points, 
the Dow Jones Industrial Average 
was up 9-96 to 2537 £6 at 1 pm, 
while the NYSE All Common 
index, at $17694, firmed 38 cents. 
Advances led declines by a sevea- 
to-five majority in a volume of 
12799m shares. 

The moderate gains were attri- 
buted to a steady opening in US 
Treasuries and imbalances in cer- 
tain issues reported by the NYSE 
on Triple Witching Day. The mar- 
ket Ignored an early decline in the 
dollar. 

While some investors remained 
nervous that there still could be 
pome volatility at the close associ- 
ated with these expirations, a 
number of traders and analysts 
believe it will largely be a non- 
event. 

Higher Bond prices helped buoy 
equities, traders said. And 
although he dollar was lower on 
the day, its decline levelled ofC 
they added. 

j. C. Penney lost 1 to 97, K Mart 
$% to $40% and Sean f% to 52%. 

Among other Bib Board actives. 
Portland general held unchanged 
at |25, General Public Utilities 
shed $% to $27%. 

The American SE Market Value 
Index put on 093 to 35294 in a 
volume of 896m shares. 

Speciality retailers tumbled 
following lower analysts esti- 
mates. The Gap fell $8% to 
$47%tnd the Limited $1% to $36%. 


Dayton Hudson advanced SS% to 
$59% and was the most active 
NYSE issue. Dart Group made a 
$65 a share takeover offer for the 
company. 

Other actives included IBM, off 
$% to $157%, and Exxon, np $% at 
S46V4. 

Merck moved np $1% to $283%, 
Du Pont $IV 4 to $112% 

Thursday's tentative contract 
b e t w e e n Ford Motor and the 
United Auto Workers Union 
means the union now will tiy to 
win similar terms from GM, which 
could result in a strike there soon, 
a press article reports. Ford held 
unchanged at $104% and Chrysler 
were ahead $% at $43%. But Gene- 
ral Motors were down $1% to $86. 
; CANADA 

Stocks posted a small advance 
In moderately active trading at 
midday, with Golds. Mines and 

Industrials rising o gniimt a 
decline in Energy issues. 

The Toronto Composite index 
climbed 590 to 39069a 

Investors are in waitund-eee 
mood following corrections in the 
bond and equities markets. 

In Gold issues, American Bar- 
rick rose $% to $39%, Placer Dome 
$% to $27% and Echo Bay $% to 


Oil and Gaa Issues were gen- 
erally lower, with Texaco Canada 
declining $% to $35, Imperial Oil 
**A" slipped $% to $73% and Gulf 
Canada $% to $23%. 

Banks ware mixed. 

TOKYO 

Mixed in heavy trade as inves- 
tors squared positions ahead of 
next month’s start of the new fis- 
cal year. 

The Nikkei Average shed a 
Anther 1047 to 24944AL Declines 
jed advances by five-to-four in 
turnover of l~8bn (Llbn) shares. 

T The first sectin index lost 6.50 to 
2,04497, and the second section 
Index slipped 6.53 to 296290 
Turnover 15.2m (169m) shares, 
j The Exchange will be closed 
godsy for a regular market 
holiday. 

Buying focused on “ large capi- 
jtal ” steels. Shipbuildings. Chemi- 
cals and Electricals thought likely 
|£o lead the market higher, when 


companies begin their fiscal years 
next month. 

\ But Banks. Securities, Insur- 
ances and other Financials eased 
on (bars of higher nterest rates 
•pharmaceuticals, some Electri- 
cals, Glass, Cement, Rubber and 
Mining shares also declined. 
i Many institutions are executing 
(block trades on the Nagoya and 
Osaka exchanges in order to fix 
or losses, for the year. Tok- 
kin and other institutions are 
doing window dressing. Others 

are busring and selling for quick 
profits. 

Brokers said the market is likely 
ito become Increasingly brisk from 
next Thursday, following a natio- 
nal holiday on Wednesday and the 
'end of a nnual year-end meetings 
*by branch managers of Securities 
Houses. 

' September 36 also marks the 
last day of trading for September 
settlement 

) HONG KONG 

. Bargain hunting sent stock 
prices to sharply higher levels, 
propelling the Hang Seng index 
up 78.60 to 394996 — its biggest 
one-day gain in three weeks. 
i Turnover HK$393bn 

(HK$225m>. 

The market strengthened after a 
volatile week and ahead of the 
mid-year economic report by 
Financial Secretary Piers Jacobs, 
on M (Hid ay. Brokers expect a big 
upward revision of an initial fore- 
cast of 6 per cent economic 
growth. 

The Cheung Kang group, under 
pressure since announcing a 
HK$103bn rights Issue, regained 
its balance as Hutchison gained 20 
cents to HK$390, HK Electric 15 
cents to 9.75 and Cavendish 10 
cents to 5.10. Cheung Kong were 
steady at 129a 

Hk Land rose 20 cents to 895 and 
Jndlne Mathesa n 30 cents to 2290 
ahead of interim results due next 
week. Mandarin Oriental held 
unchanged at 590— it had interim 
profits of HK$U2m in its first year 
-as a listed firm. 

SINGAPORE 

Share prices continued to foil 
pver a broad front in dull trading 
(Despite the entry of Jurong Ship- 
yard, dealers said. A preponder- 


ance of sellers, either taking pro- 
fits or cutting losses, caused seve- 
ral Blue Chips and “ quality " 
stocks to post aouble-digil losses. 

The Straits Times Industrial 
Index declined 2196 to 1,393.34. 
Turnover 2L6m <2&0m) shares. 

jurong Shipyard traded about 
=r»m shares at between S$3-00 and 
542.80. before dosing at S$292 
Us issue price of 5S190. 

AUSTRALIA 

‘ gharply higher at record levels, 
with demand fuelled by firmer 
bullion prices and further solid 
profit results. 

The all Ordinaries Index was up 
2L5 to a record 2905.5, the All 
Industrials gained 32.6 to 3,4079, 
Golds 63.4 to 4,091.5, the All 
Resources 149 to 1,459.9. Metals 
■and Minerals 201 to 1,4519 and 
Oil and Gaa 9.1 to 992-6- 

Turnover was 192.12m shares 
worth A$470.42m. Rises outnum- 
bered foils by three-to-two. 

Industrial and special situaton 
stocks were the top performers, 
but there were also strong rises in 
Gold and Resource scrip. 

Adelaide Steamship and its 
associate David Jones rose 90 
cents to A$1L90 and 80 cents to 
A$1590 respectively on solid pro- 
fit results and news that 
Treasurer, Paul Keating, would 
not prevent David Jones from 
increasing its stake in the 
National Australia Bank to 15 per 
cent 

GERMANY 

Easier in lacklustre trading as 
the threat of a farther decline in 
jthe do llar hung over the market 
and scared off potential foreign 
buyers. 

This uncertainly, combined 
with book-squaring before the 
(weekend, was enough to push 
(prices down across the board. But 
pome dealers said share prices 
(could really next week if the dol- 
lar firms. 

• The Commerzbank 00-Share 
Index, calculated at midday, foil 
139 to 1973.1. 

In hanks, Deutsche lost DM 490 
to 69030, Dresdner weakened 
DM3 to 360 and Commenhaak 
DM4 to 299.5a 

j Chemicals were also weaken 



I Sir, I + -’ 









-% 

a * 

37 -<-1% 

sr 

w% -J. 

s =i 
^ - 1 * 
& “3 

& 3 


» 3 

ia» — 

E* * 

23 
SV, 



SPAIN AUSTRALIA (Caatimd) JAPAN (Cootimed) 

sw-i* lasltr *»“ I X2s I + - #r **■“ l%r 




■HO 
+15 

123 I 

855 I +14 



m 



-300 

4470 I 

4770 |+15 






33 


j— 


Huai 


rrrrr 


m 









-Ol 

+n0Z lOnadaCemm 
-006 Orient Fiance 
+004 | Orient Lowing 

-one 





151 
370 
434 1+2 

MO 1 
HZ 


ITALY 


1 *2£ I + - w 



JAPAN 
ft*, u 






2170 ] +70 

1910 I HO 
HO 

—10 
HO 
-20 
2100 |-20 
1410 1+10 

-15 

HO 
-10 
1340 1+10 
1000 (+20 




























































































































































































































12 




'-:'+****. * *•< 


CURRENCIES & MONEY 


Financial Times Saturday September 19 198? 

LONDON STOCK EXCHANGE 


FOREIGN EXCHANGES 


Sterling quietly firmer 


Money figures send markets 


STERLING FAILED to show much 
reaction to better than expected 
bank lending figures. While statis- 
tics released over tfae past week 
have added up to a very strong 
base for sterling, traders were 
reluctant to open fresh positions 
ahead of the weekend especially 
since the extent of the Bank of 
England's apparent determine* 
tion to defend the DU 3.00 level 
remained something of an 
□□known quantity. 

Speculators were keen to find 
out how the UK authorities would 
react to the picture of rising eco- 
nomic growth, a firm currency and 
relatively high interest rates. 

The pound's exchange rate 
index finished at 73.3 up from 73 2 
at the opening and Thursday 
night’s close. Against the dollar it 
improved to $1.6555 from SI- 6465 
but remained shy of the DM 3.00 
level, closing at DM2.9900. up 
from DM2.9875. It was higher 
against the yen at Y23&25 from 
Y236.00. Elsewhere it finished at 
FFr9.9625 from FFT9197 and 
SFr 2.4775 unchanged. 

The dollar finished on a weak 
note, reacting to the latest rumour 


that next week's meeting of G7 
ministers and the IMF would 
result in a lower target range for 
the US unit against the yes. 
However, there was insufficient 
conviction to make any serious 
attempt to explore the dollar’s 
downside potential and the US 

unit ended within its recent trad- 
ing range but nervous and weak. 

Against the D-Mark it slipped to 
DM L8055 from DM 1-8150 and 
Y14245 from Y143B5. Elsewhere 
it slipped to SFrL4970 from. 
SFTL50S and FFr6.0175 com- 
pared with FFr6.0550. On Bank of 
England figures, the dollar’s 
exchange rate index fell from 

100.9 to 100.5. 

D-XAEK — Trading range 

against the dollar in 1987 is 13305; 
to 1.7696. August avenge L8S13.I 
Exchange rate index 14&7 against 

147.9 six mon t hs ago. 

There was no intervention by 
the Bundesbank at yesterday's fix- 
ing in FrankfUrt when the dollar 
was fixed at DML8092 from 
DM2.8174 on Thursday. 

Trading was rather quiet and a 
featureless ahead of the weekend 
but dealers were a little nervous 


because of next week's G7 and. 
OIF meetings. In addatiou there, 
were rumours that finance minis- 
ters were about to adjust their' 
target ranges for the dollar 
against the yen to Y130-150 and 
the implied dollar depreciation 
against the D-Mark left traders 
nervous. 

Whatever the outcome, dealers 
were unwilling to push the dollar 
down until next week’s meeting 
are over. 


JAPANESE YEN— Trading range 
against the dollar in 1987 is 159.45 
to 138.35. August average 147.57. 
E xch a ng e rate index 222.4 against 
210.7 six mrsnfhc ago, 

A stronger yen prompted cen-j 
tral bank intervention in Tokyo' 
Speculative dollar sales saw the! 
Bank of Japan baying te USj 
currency around the Y14Z90f 
level The dollar closed at Y142.73 
down from Y143.40 in New York 
end Y 143.80 in Tokyo on Thursday. 

Despite the weaker trend most! 
traders expected the dollar to) 
keep dose to its recent trading 
range until the conclusion of next) 
week’s 67 and IMF meetings. 


£ IN NEW YORK 


POUND SPOT — FORWARD AGAINST THE POUND 


£ Soot L64S5-L6475 14465-14475 

1 month 030029pm 031-Q29pra 

3marttB 0.930. 9GWi 0.9*O.92ptrr 

12 month} _ 2.7B-2.68pm 2.77-2.Mpm 


Forward premiums and discounts apply tn the 
U3. dollar. 


US 

Canada _ — 
Netherlands . 

Bdgtam 

Detmart 

Ireland 

W. German y . 


STERLING INDEX 


m?o-iJi6 

2.SS>rZ.99 

23S-2W3&.9 

19934400.4 


£902-2.9 

233.90236 




Sew. 18 

Previous 

830 


73L2 

73i 

9.00 

301 ..... 

733 

735 

1050 

am ...™ 

733 

734 

11.00 

am ... 

733 

734 

Noon 

. 

733 

734 

LOO 


733 

734 

2-00 


733 

734 

3.00 


733 

733 

44W 

em 

733 

734 


10.9410.9 

9.9SV9.90 

1030-105 


9.95V-9.9 

JOSUrlOJ 


Austria 

SeDnrtad. 


One Mott 

% 

M- 

Three 

nmntfas 

% 

PA 

031-049 com 

247 

092-087 pm 

289 

048-040 c pm 

0J7 

037-045 pra 

057 

1VX%C po 

4A6 

3V3J.W1 

4.43 

20-15 epo 

338 

57-47 pa 

336 

A 

-039 


-047 

042-086c pm 

0-97 

036-049 pm 

099 

Vrlhi *m 

5-52 

4H-4i« pm 

5-69 

64415 c dh 

-434 

264-349 Os 

549 

95-113 e (fc 

—644 

234-278 dh 

-542 

5—9 Bre rtj 

-389 

3823 dh 

-380 


-4JU 

10VU dh 

—390 


X93 

pm 

142 

teMrtrtpm 

051 

Wr% pm 

049 

1W>|» 

5.74 

3V3>aPm 

553 


531 

28*r26% prt 

548 

Vrlhem 

6j05 

3V3%pm 

681 


Brlylai rate b tor cotw e rtMe francs- Financial franc 6ZJS42A5. 
L5B4S1 c pm. 12-aeotb 233-2.43 pm. 


CURRENCY RATES 


DOLLAR SPOT— FORWARD AGAINST THE DOLLAR 



S art 

Special 

Eroen 

SesLlS 

rase 

Brawiag 

Corrency 


% 

Rights 

Urn 

Sterling 

U3. Dollar 

s! 

0.782164 

149409 

0694347 

145019 

Canadians — 

05 

• 

1-51134 

Anstrian SclL . 

4 

16.4789 

148154 

Belgian Franc 

7 

485963 

<34118 

Danish Krone . 

7 

98152B 

7.99379 

Oeotsdn Mark 

38 

234227 

287666 

Nett. GaUder n 

4 

253477 

233695 

Frcndt Franc. 

9 

780401 

6.92354 

Iidisilira 

22 

269085 

149947 

Japanese Yea 

2 

185449 

164816 

Norway Krone 

a 

8-57723 

761135 

Spamai Peseta 

— 

156-653 

136.942 

Swedish Krrb 

7 

843171 

730943 

Sms Franc. ~ 

35 

1.93984 

1.72010 

Greek Drach. M 

20 

178.960 

159.048 

Irish Putt 

— 

N/A 

0773650 


Netherlands . 

Belgian 

Denmark • 

W. Germany . 
Portugal — 

Spain 

Italy 

Norway 

France | 

Sweden ___ ; 


Airaria ___ 
Switzerland. 


L649S-L6575 
1.4B12-1.4875 
L3 130-13150 
Z03002X390 
37.44-3738 I 
fc.94V6.9hs 
i mrn. 1 msn ' 
242VMZ* , 
120.72.171 IS 
1301-2308 
fcfclVfc£3>2 

631V6D4 

634V637 

14235-142.95 

12M-12JSU 

1.4930-13005 


13550-15560 

14860-14870 

13135-13145 

2030520315 

37.45-3735 

6.94V6-95V 

1815043060 

142Vl«Z>s 

120.75-12030 

1302%-13Q3U 

fcfclVfcfeS 

6JJ1VA02 

645645*2 

14260-14270 

1270V1270V 

14965-14975 


031-039q» 
0O5OJ2cpm 
oa+OJJtfls 
0j41-048c pm 
4 J0-270C pm 
030-130nre <Ss 
Q33-Q30pf pm 
50- 150c dfe 
6080c db 
63073Qfcv dfe 
325-330arv db 
035315c dis 
1650.95 are db 
0430.40* p* 
4X0-330gro tan 
1 48-0. 43c pra 


0.92-037 
0324>43pm 
031-034 «8s 
147-l_12pcn 

1230330pm 
265335 ds 
159-L54pm 
225-425* 
210-240 db 
1935ZUXMS 
9.95-1035dta 
060-0.90 * 
260-330 db 
125118 pm 
1030350pm 
145141 pm 


■CVSDR rate for Sept 17; 169S79 


♦ UK and Ireland w* quoted in US eanegcy. Fo i ward p i aataas an ri d h cc ra cappOrtotfaeUSdiita 
to the Indhridual aaittqr. BUgliii rate b hr mnerniWe tan. Fbmciat franc 37653735 


CURRENCY MOVEMENTS 


EURO-CURRENCY INTEREST RATES 


Guaranty 
Changes % 


Surfing — 

U.S.DoOar 

Canadian Dollar 

Austrian SchrRwg __ 

Belgian Franc 

Danish Krone 

Deutsche Mart 

Stabs Franc - 

Guilder 

French Frane 

Lira 

Yen— 


Morgan Guaranty changes: average 1900- 
1982=100. Bank of England Index (Base avenge 
1975-1001. 


Sterling 

U 3. Dollar 

Can. Dollar 

D-Cn&der 

Sw. Franc 

Deutschmark _ 

Fr. Franc 

itafianUre 

B. Ft. (FkO 

B.Fr. (CmO — 

Yen 

D. Krone 

Asian SSIog 


Stan 

tCfD 

1 Bays 
notice 

One 

Mouth 

Unt 

Months 

Si 

Months 

One 

Year 

9V9X 

9VW. 

9V9U 

104-911 

10V104 

10*2-13% 

64-64 

74-74 

74-74 

7V7h 

84-7B 

«w>? 

8V»a 

8V84 

8VW, 

94-94 

9B-94 

lOVlOa 

54-54 

5V5*. 

54-54 

54-54 

5V5»j 

5V5% 

W 

V*lh 

3V3V 

3H-3S 

44-*4 

44-44 

3k-3% 

3K-3fl 

«V4 

9fi-*4 

4V«h 


74-74 

74-74 

7{i-7A 

84-7B 

8H-84 


14-12 

14-11 

13VI2*» 

13V13J. 

134-13% 

14-13>2 

6«r6«. 

VtVt 

6>r6h 

8A-64 

74-63 

74-74 

6V64 

6VW. 

fcJrtft 

6X-6i. 

7%fe% 

7V7 

4-3% 

3B-34 

4V34 

9&-4J, 



74-feB 

Q1_Q1 

7V7»* 

10V9J, 

74-74 

nw% 

7V7h 

20V20 

8%8 

zovia% 

8B-84 


OTHER CURRENCIES 


Longterm Endfiks Ten years 9V9 1 
cent; Are years 109V per cert BBodAM. She 
two days’ notice. 


Ctoee yen 9&-9& percent to 
i rates ok caU for US Dates and Japi 


1 9V0a per 
Yen; others 


Sept. IB 
Argentina _ 


Homo Hong . 
Iran — — I 

KoreaCSth) j 

Kuwait 

UwenAnyi 


Mexico 

N. Zealand . 
Saudi Ar_ _ 


S.Af. (Cm) . 
S-Af.(Fn) J 


4JW&4369S 

22505-22535 

823700-82.9700 

723357245 

2252323030 

123170-129070 

11740* 

132135133330 
046390346470 
. 62056215 
4136542675 
2557 JO-256835 
2582523875 
62025-62080 , 
3443534575 
335753J735 
53930-53755 I 
494549.70 | 

6374563795 


24490-24580 
1 36051 U 1 * 
493860-504360 
4376543785 
137 15139 JO 
73000-73010 
7145* 

80290 8 0930 
028050028080 
37.453735 
2517025190 
154630-155230 
15(0513630 
3.7500-3.7510 
i 20840-20860 
2338520425 
32785-13895 
30353045 
i 3672536735 


EXCHANGE CROSS RATES 


£ 

f 

DU 

L 

0604 

1856 

X 

2.990 

1806 

0334 

<233 

0554 

7807 

L 

1266 

1804 

0404 

1862 

0668 

3801 

1207 

0397 

0464 

0492 

0768 

0889 

1386 


S Fr. | H FL / Ua 


2478 3363 | Z157. 
1497 2331 ! UB. 


0829 | 1425 7224 
1049 I 1423 ) 9130 


2487 | 3375 I 2160 
2 I 1357 | 8706 


0737 I L 6415 
1449 1 1559 | WOO. 


C S I 0460 0761 

B Fr. 1 1610 I 2666 


1439 1 1545 9913 
3.990 1 5415 3473. 


Yen perlJXXh French Fr | 


Belgian Fr per 100. 


MONEY MARKETS 


Rates lower on bank lending 


INTEREST RATES finished the 
day slightly lower as the market 
reluctantly acknowledged the 
release of respectable bank len- 
ding figures. A rise of just £2bn 
after two previous rises of £A9bn 
and £&9bn was towards the bet t er 
end of market expectations. 

However recent comments by 
Mr Nigel Lawson, Chancellor of 
the Exchequer, that last month's 
rise in base rates had proved to be 
adequate but necessary tended to 
dampen any thoughts of an early 
return to the heady euphoria, 
championed so vigorously during 
the early part of this year, for 
another cot in base rates. Indeed 
traders were becoming more and 
more reconciled to a period of 
stability. 


Hawfc gave assistance in the mor^ 
ning of £60m through outright' 
purchases of £L0m of Treasuxy 1 
bills and £50m of eligible bank 
bills in band 1 at 9% per cent 
Further help was given in the; 
afternoon of £M5m, comprising 
outright purchases of £50m on 
Treasury hills and £355m of eligi- 
ble bank bills all in band 1 at 0% 
per cent Late help came to fiOSm, 
w*Hng a total of £570m. 


The market’s more bullish tone 
was refl ected in the results of the 
weekly Treasury bill tender 
where the average rate of dis- 
count fell to &5034 from 0.7348 per 
cent The £200m of bills on offer 
attracted bids of Cl ,383m com- 
pared with £140Qm for a similar 
amount the previous week and the 
minimum accepted bid was £97.60 
against £97.57. Bids at that level 
were met as to about 21 per cent 


FT LONDON INTERBANK FIXING 


Q1J0 aan. Seua 3 wonte 1LS. dates 
Mdjfl I offer 7B 


The fixing raws ire the raftene tt. man* roanM to me nearest aaMtaeentt, of Ow M me 
rttoed rates for SUhntpwted by We mart* to to reference (arts *t U30 un.«ach wurUng 
TJm haMksarm Utot W Hta trotater Ban*. to* of Tbdyq. Pnttache to*. Bam** MatioBaleta 
wns wa HofSM wwdiHy TrusL . _ 


UK clearing bank base 
lending rate 10 per cent 
since August 7 


Three-month interbank money' 
was quoted at 10&-93 per cent 
compared with 10/, -10 per cent on * 
Thursday while the six month rate 
slipped to lOft-lOVfc per cent from 
10A-UM per cent Weekend inter- 
bank money was trading around 
10 per cent at the start and moved 
up to U per cent after lunch 
before easing to 9 per cent 
However late demand saw 
balances bid up to around 10 per 
cent . „ ^ 

The Bank of England forecast a 
shortage of around £550m with 
Doctors affecting foe market 
including foe repayment of late 
assistance and bills ma t n rin g in 
official hands together with a take 
up of Treasury bills draining 
£l35m and Exchequer transac- 
tions a further £240m- There was 
also a rise in foe note circulation 
of £280m and banks brought for- 
ward balances £IQm below target 
The forecast was revised to a, 
shortage of around £80Qm and the. 


Overnight 

One 

Month 

Two 

Monte 

Ihw 

Monte 

Sh 

Months 

360—3.70 

3803-95 

380-3.95 

385-480 

430445 

ta 

74-74 

3«2-5l» 

7A-7fl 




5VSA 

3.78125 

_ 



uvnn. 

12V1». 


12-13 

— 

740 

6V6»a 

94-94 

— 


— • 

5r«. 

9Mk 


^rlO 


LONDON MONEY RATES 


Three I Six I Ore 
Mretto Mertfa Yew 


Strflng COi. 

tool Mtfrfty Dtp- 


^ Hit m 


TrcMnryBBb(Bw) - 

Bart B46 (Bey) 

Fm Trade B8b 

OoOarCOS — 

SDRLM8dDepts8s„ 
ECU Urted Ornate _ 


9% 

10*2 

750745 




735730 7357 JO 860435 


Trewuty Mb (MIP; aw re t V^pereait; (!■ ■ ■ iiwiilri V^percaa; Brti Bflb MO: not- 
■north 9% IMT eenf; three worths 9fl per cent; Tiomry BBt; hag e under rate of dbcoat 
9304 P4. ECO o Fixed Rate Swung Export Ftnaneo. Mate w to Augort ZB. 1987. Agreed ms 


Orths 9fl per cent; Ti in ry BBS; 
•Swung Export Ftnancs-Kakowitf 


W day AugouZa. 1987. Agreed ratal 


for period Sepweher 29 to October 25 1987, Scheme k 1124 p*- Sdianes II A III: 1131 px_ 
Reference rare tar periofi Arrest 1 <9 Sagest 2A 1987. Scheme IV: 1QJB7 pyE. Local ArthorHy «d 
Fiance Hobs seven days' notice, others seren fixad. Finance Korea, Base Rale U per cert 


frttn Sep w nber \ 19S7: Bartc Deposit Rats tor son at seven ttoys' notice 3-3h per i . 

CertBfeates ol Tax Deportt (Series fc>; Dcportt OOOOOO and orer bcM odor ree MOrth 8 per cent; | 
eneahree norths Bt« per rnecdra-A worths 10 per ceaq atorttao matte 201, p«r eat; atoe-12 1 
mentis lOfr per cwquater £1003008 per egrtftow Srpfnrtw lRPteO»W*eHarrt Mw tor eertl 
5 per cent. ■ 1 


Another surge of potimism fol- 
lowed foe late- morning announce- 
ment yesterday of the August 
monetary statistics, and UK secur- 
ities markets closed showing sub- 
stantial gains for the third day in a 
Tow. The FT Ordinary share index 
rose 2L2 to 183&2, while its 
broader-based counterpart, the 
FT-SE 100 I ndex, advanced 23.8 
more to 2328.3. Government bonds 
maintained their upward 
momentum with longer issues 
ending 1% points up in places. 

Because of foe confidence 
generated by highly encouraging 
pointers on foe economy, released 
over the previous two days, share 
and bond markets were already 
moving into higher gronnd- 
The calendar of surprisingly 
good developments was coni' 
pleted when at 1X30 am yesterday 
file authorities disclosed that ster- 
ling lending by the clearing banks 
had been contained during the 
month. The rise of £2bn was well 
below expectations and compared 
with foe most pessimistic fore- 
casts ranging to £3Jbs. 

Broking sources spoke of an 
immediate scramble for stock 
with maxfeetm&kers leading as 
they closed outstanding short 
commitments. Smaller private 
investors were active too, but the 
larger battalions appeared to 
hang back. Some institutional 
operators of some fond managers 
letting their weightings down a 
little. The British Pietreteam path- 
finder prospectus is due next 
week. 

Amanda Sells, technical analyst 
at Chase Manhattan, is slightly 
concerned over a too rapid rise in. 
values leaving the market over- 
I bought. She thinks the “ footsie" 
index coul d m eet resistance 
I around the 2300 level and react, 
perh aps sharply. After rising to 
2333 yesterday, foe index ended at 
2S2&3 for a gain on foe week of 
67. L 

Overseas and renewed domestic 
demand aggravated a technical 
situation in the bond market. 
Goldman Sachs, the US house, was 
reported to have completed a 
ESOOm purchase yesterday but it 
would neither confirm or deny the 
deal Stock shortages became 
more apparent and foe new long 
bond. Treasury 9 per cent “A," 
raced up to £55.10, givinga yield of 
under 9.5 percent Marketmakera 
are worried about the effects on 
Wednesday’s auction if these out- 
standing positions are not closed. 

The shorter end of the market 
also saw action and foe Govern- 
ment broker sold farther supplies 
of the specialist low-coupon issue. 
Tre asury 3 per cent 1992, at 93‘ 
before withdrawing. 

Tate and Lyle's sale of its stake 
in S. ft W. Berisford for £100m 
came as no surprise, although foe 
purchaser's identity raised eyeb- 
rows. Market sources were pre- 
viously of foe view that Associated 
British Foods, which already held 
a 23.7 per cent stake in Bersiford, 
would be the buyer. Tate's bol- 
ding, however, has passed to the. 


FINANCIAL TIMES STOCK INDICES 


Gorertwwrt Sets . 


s«p. 

Seo. 

Sep- 

sm- 

Sep. 

year 

M87 


17 

16 

15 

14 

ago 

High lm» 




Fixed Interest 


OrdhoryV- 


179&2 1775.4 1 


0rd.Dnr.YieM 

EwntagsYUMUD 

P/E RadolnnJ (*) 

SEAQ Bargains (5 pm) 
EqcOjrTvranverC&a) — 

F^nlf y Rar galwc ln . 

Shares Traded taO 


329 

■£A 7.93 851 84)7 857 

k60 15.<3 15-27 1547 1546 

Z76 36,407 33,098 3L573 39,878 

— 2464.44 158436 129643 137634 

— 39,485 3553* 40^718 52449 

— — 495.9 5204 5275 


127.4 
(MJ 39.! 

105.4 
(2801M7) 

3,9262 

06/7/87) 

7347 

05/2/83) 


4928 

0/1/75) 

5053 

GO/75) 

49.4 

WWD 

435 

O60Q/7U 


S.E. ACTIVITY 
tore I 5ep- 17 


!24 dtt Edged Bargrtre 

Dp&r Bargain 

iaa Emit, Value 


Gte&herfBarp 
EqnKy Bargains 


Opening 

2820.8 


10 a-m.| 
182331 


Day's High 1839.8 


Day's Low 1820.8. Bask 100 Gort. Sea 150026, Rred W- 1924 0r*»> V7135, GeU Wines 12955, 
SE Activity 1974, * lfil-1534. 


LONDON REPORT AND LATEST SHARE INDEX: TEL 01-246 8026 


Pritzker family of Chicago, a 
development welcomed by Beris- 
ford. Associated British Foods 
now appear unlikely to make an 
ootright bid for the commodity 
trader which dipped to 353p prior 


with its fall-year results that it 345p and NaiWest added 3 at 720p. 


“ build on ** its 


following reports that Scrimegour 
had trimmed its profit forecast for 
the company by about £5m and foe 
dose was a shade easier- on 
balance at 255Mtp. Grand Metropo- 
litan continued to trade firmly 
and closed 10 higher at 578p. 

; The miscellaneous Industrial 
sector displayed several notewor- 
thy gains. Beechazn and British 
Aerospace, both boosted 6y broi- 
lers recommendations, gained 10 
land 18 respectively to 599p and 
603p. Buyers also returned .for 
British Airways, up 11 at216p and 
STB, 8 dearer at KSp- Second 
fiionghts about the Interim results 
saw Msens rally 8 to 347p, but 
jeaufioos Press comment clipped 
15tt from TAN, (Turner and 
[Newell), at 228p. WeUeeme 
{attracted overseas demand late in 
the session and closed 12 higher at 
513p, while London International 
'put on 7 to 351 p following d et a ils 
of the acquisition of Hatu-Ico, foe 
j talian condom manufecturer, fin* 
£48m- Associated British Parts 
were 24 higher at 639p on property 
■development prospects, while De 
La Rae moved up 20 to. 511 p. 

SaleTUney gained 18 to 371p in 
reply to excellent half-year 
figures, while N m cro s firmed 8 


pinnw*^t to “ build on ” its will Samuel, amid talk that an reply to excellent half-year 
Recently announced 5.12 per cent investment house is said to be figures, whfle Noraros firmed 8 
«faib> in Royals. Tu r no v e r in interested in buying the merchant afresh to 428p after Press com- 
Eoyals was 4nx. Adsteam also batwfc , edged tip 2 to 666p, while ment highlighting a . broker's 
reiterated its intention of boil- Morgan Grenfell, regarded as a recommendation. Spring Bam. 


to closing 9 down on balance at ding up its in National prime bid target ever since the 


recommendation. Spring Bam. 
results due on Monday, put on 82 


3S8p, while ABF came back 15 to Australian Bank from the current Guinness affair, slipped back 3Vk to 53&p, whfle Anmri rose 7 more 


345p; Tate and Lyle, a strong mar- level of9B per cent to 15 per cent to K>2\4p. KleLnwort Benson were 
ket recently, settled 4 cheaper at Merchant bonk Guinness Peat 8 higher at 537p; the bank is due to 
894p. still showing a rise of 48 on edged op 12lp on a turnover of announce interim figures on Mon- 
the week. 2im after brokers acting for day; brokers say they will show a 


the week. 


to 22Sp on takeover speculation. 

Bayers adopted a more positive 
stance in foe Property sector and 
the leaders displayed reasonable 


P & O, the shipping to property Robert Maxwell moved in during substantial shortfall on last time’s gains. Land Securities firmed 5 to 


group headed by Sir Jeffrey Ster- early trading and picked up £57.6m — £42m has been mea- 
ling; continued to fine form and Azrther blocks of abates, taking tinned as a likely figure with a 
advanced another 17 for a gain of his stake in the bank up to 9J3 per sizeable rights issue also a 
29 over the past two trading ses- cent, or SOSim shares. Maxwell's possibility— but traders were 


Mans to 728p. 


been men- 605p, while MEPG. a dull market 
gure with a on Thursday following details of a 
lie also a US fluid raising operation, picked 
traders were up 5 at 565 pl British Land con- 


moves are regardedby dealers as reluctant to sell the shares short tinned to benefit from its Gripper- 


The recent impetus was sparked a spoiling tactic after New Zea- while the current bid speculation rods disposal to CH Industrials 
by a bullish circular from Richard group Eqoiticorp recently surrounds foe sector. Bid rumours and rose 8 to 350p and Hammenscra 


Sanderson, at Panmnre Gordon, 
who believes that a strong second- 


upped its bid for Guinness to 115p again encompassed life assur- a moved up 12 to 685p as vague 
a share from IlOp a share and ances where Legal and General— takeover rumours revived. Slough 


ce— which should increased its holding to almost 40 rated a major buy signal by 


a nseftal profits contriba- per cent 


Estates were a good market at 


securities bouse Savory Milln 288p, up 8, while London and Edin- 


tion from European Perries— will In another separate, move Max- after last week's 25 per cent pro- baxgh, on suggestions of an Jmmi- 


Uft pretax profits for the full-year well’s Perga mon Holdings fits jump— spurted 19 to 368p. In pent deal with Control Securities, 


to £253m. 


announced that it had boosted its composites, Commercial Union— finned 3 more to 202p. HeUeal Bar 


S aatehi & the world’s stake in merchant bank Henry amid renewed bid speu elation — attracted persistent buying 


largest advertising agency, were Ansbacher from just under 5 per rose 7 to 413p. In brokers BUnet interest and rose 27 to 322p. 


' Tending Buildings were selec- 
tively firm. Blue Circle, a subdued 


hit by talk that at least two major cent to &17 per cent, or l2D4n> raced np 16 to 433p os news of a 
US investment houses had shares. Ansbacher moved np Wx near $lbn re-insurance contract 
downgraded their profits fore- to lQSp. regarding a gas field in the Gulf 

casts, and also by the latest rebuff .Apart from foe Saatehi A * finding Buildings were seiec- 
to the company’s attempts to Saatehi-generated speculation tively firm. Blue Circle, a sabdued 
expand in the financial services foe financial sector made farther market of late, revived wife again 
field. Saatehi, previously involved rapid progress in its own right of 13 at465p, wUleBagfcy, one of 
in informal talks with Midland The big-four hank* posted strong several major companies repor- 
Bank, were turned down by mer- gains with late rises said to have «ng results during foe next few 
chant bank Rill Samuel after mer- been instig ated by a fending UK weeks, added a penny to 275p. 
ger discussions lasting a week. bouse who are said to rate foe continued to attract 

The shares dropped 29 to 590p sector as being due for a good run buyers in the wake of its Norwe- 
after a turnover of L6m shares^ after underperforming other gian plasterboard acquisition and 
Saatehi were also rumoured to be financial areas orer the past few rose 10% to 514p, while BfB 
interested in numerous com- weeks. Substantial continental Industries, a depressed market 
panies in the financial sector, buying of foe clearers was recently reflecting US selling on 
HAL the money broke r, were reported. which recently plasterboard competition wor- 

fenced of as another target and rejected overtures from sfeafehi .ties, rallied 5 to 33^x Tarmac 
raced np 20 to 7D4p. and where Hanson Trust is sitting -attracted support ahead of Mon- 

^Rayal Insurance, the UK's big- on a 6.17 per cent, spurted 10 to | day’s half-time and firmed 9 to 
gest composite insurance group 528p. Barclays, recently spoken of '314p, while RXC gained 9 to 480p. 
staged another upsurge before as a potential bidder to foe insur- Ooriatn, in Which Trafalgar House 
closing a net 11 higher at 588p. ance sectors, jumped 15 to 598pi now holds a near 5 per cent stake, 
“ Down-under ” group Adstream, IJoyda, where Klein wort Grieve- hprtfeiwd a couple of pence to 
controlled by John Spalvin, said .son were good b uyers rose 5 to 383p. a rise of 37 over the five-day 


Optee 

Oct 

CALLS 

Jan. 

Aw- 

Oct 

PUTS 

Jan. 

Apr- 

AMed Lyons 

390 

50 

62 

73 

2 

6 

U 

C<34) 

420 

27 

45 

55 

8 

17 

22 


460 

6 

23 

35 

30 

40 

45 

BriL Airways 

190 

29 

__ 



3 





(•215) 

200 

19 

30 

38 

5 

9 

16 


220 

8 

1/ 

2b 

13 

23 

25 

Brit & Coon. 

460 

62 

77 

90 

4 

13 

18 

1*514) 

500 

30 

50 

67 

3 

27 

33 


550 

6 

25 

40 

40 

50 

60 

BJ*. 

330 

50 

63 

70 

3 

8 

14 

(*3771 

360 

26 

<3 

53 

8 

14 

22 


390 

9 

29 

37 

22 

29 

38 

CWs.CoM 

1400 

105 

2D0 

225 

50 

78 

110 

<*146» 

1450 

75 

170 

205 

as 

100 

130 


1500 

55 

185 

115 

130 

130 

160 


1550 

38 

130 

165 

145 

160 

190 

CnrtWnMs 

460 

57 

75 

92 

3 

11 

17 

<*smi 

500 

28 

48 

6b 

13 

22 

30 


550 

7 

26 

44 

42 

46 

48 

Cob. Union 

300 

113 

izT" 


1‘ 

n? 


C^W) 

330 

83 

92 

99 

1 

4 

5 


360 

53 

64 

74 

2 

6 

U 


390 

25 

40 

53 

6 

14 

18 

Ctee & Wfce 

390 

62 

85 

100 

3 

10 

15 

(-447) 

420 

42 

67. 

78 

7 

18 

25 


460 

15 

35 

57 

25 

37 

45 

British Gas 

165 

17 

26 



lb 

6 



(*139) 

180 

6 

17 

24 

8 

12 

IS 


200 

1 

7% 

» 

23 

2b 

28 

OE8. 

200 

20 

29 

40 

3 

7 

12 

(*2161 

220 

6 

18 

2b 

12 

15 

20 


240 

2 

10 

19 

26 

31 

33 

Grand Mat 

500 

82 

97 

108 

2 

6 

U 

(*576) 

550 

38 

58 

73 

8 

IB 

25 


600 

U 

33 

43 

33 

40 

48 

ICA 

1500 

88 

142 

163 

15 

30 

55 

(*1558) 

1550 

55 

110 

135 

32 

53 

73 


1600 

30 

87 

105 

60 

75 

95 

UndSeoeMns 

500 

no 

ua 

135 

2 

6 

10 

(•604) 

550 

62 

78 

V/ 

5 

15 

20 


600 

27 

48 

67 

18 

30 

35 


660 

8 

28 

45 

50 

60 

67 

Maries & Spen. 

220 

31 

38 

47 

2 

5 

8 

(*247) 

240 

15 

2S 

34 

7 

lZ*a 

16 


260 

6 

14 

24 

18 

21 

24 

BrttnO 

300 

33 

43 

53 

7 

14 

19 

(*323) 

330 

15 

29 

37 

18 

24 

30 


360 

5 

16 

25 

40 

43 

49 

MMqR 

195 

15 

23 

28 

3 h 

a 

12 

(*205) 

205 

8 

16 

23 

7 

12 

16 


215 

4 

U 

— 

13 

19 


Stafl Trans. 

1300 

67 

118 

150 

27 

52 

70 

(*1327) 

1350 

38 

95 

123 

52 

75 

95 


1400 

1450 

17 

8 

73 

55 

102 

80 

82 

125 

UB 

135 

123 

IS 

Trrtalpv Horae 

330 

63 

70 


1 

4 

__ 

- (*390 

360 

35 

48 

60 

4 

7 

12 


390 

17 

30 

40 

15 

22 

25 


420 

7 

17 

25 

35 

43 

47 

TS8 

130 

15 

21 

23 

lb 

1*J 

41* 

(*143) 

140 

6 

14 

17 

3 

7 

7 


150 

3 

8 

U 

10 

13 

14 

Wool north 

330 



50 

62 

_ 

13 

18 

(•359) 

350 

22 


— 

13 




360 


— 

40 


— 

30 


375 

13 

30 

— 

27 

40 


Ban 

950 

88 

uo 

135 

8 

2S 

35 

(1019) 

1000 

48 

75 

too 

20 

42 

52 


1050 

22 

SO 

75 

48 

70 

78 

GKN 

360 

52 

66 

73 

3 

9 

16 

C40B) 

■jw 

27 

46 

55 

8 

16 

28 


420 

11 

29 

39 

23 

31 

40 

tSEo 

500 

70 

97 

140 

3 

13 

23 

550 

29 

58 

77 

13 

9 

40 


600 

_6_ 

32 

50 

42 

55 

70 

Bndqi 

(*396) 

500 

Ike 

132 

125 

L4Z 

6 

a 

13 

550 

6 1 

85 

[02 

10 

18 

27 


600 

37 

60 

72 

32 

42 

50 

NUrad Bfc 

500 



80 



25 

CSZ8) 

322 

37 


JL 

23 

jj_ 


Opto 

Brit Am 

460 

to 

60 

Feb 

78 

Ma» 

90 

to 

9 

Feb 

IB 

to 

a 

(•503) 

500 

Si 

55 

67 

25 

33 

43 


550 

10 

33 

47 

52 

62 

67 

BAA 

130 

19 

24 

38 

3 • 

7 

9 

(143) 

140 

12 

17 

22 

7 

11 

13 


160 

4 

a 

— 

20 

23 


BAT lads 

600 

98 

IIB 

2B 

3 

9 

14 

(*685) i 

6M 

58 

to 

92 

U 

20 

30 


VUI 

28 

sz 

63 

35 

e 

52 

Brit Tdecwi 

240 

30 


_ 

4 




(*262) 

28 

15 

24 

33 

9 

14 

19 


280 

7 

17 

a 

23 

28 

32 

Cidter Stoeppcs 
(*283 

260 

280 

29 

36 

<3 

29 

47 

37 

5 

12 

U 

26 

14 

22 


Vat a*ah 

(*136) 


Tr. UV% 1991 
(*305) 



CALLS 



PUTS 


to. 

Feb. 

to 

to 

Feb. 

to 

47 

a 

67 

4 

6 

10 

25 

40 

48 

10 

25 

23 

12 

25 

35 

28 

35 

40 



60 

72 



12 

U 

23 

— 


13 

•V 

- 

2D 

35 

47 

22 

2S 

37 

91 

99 



1 

3 


70 

as 

95 

2 

9 

U 

48 

64 

75 

9 

16 

20 

26 

44 

59 

20 

26 

31 

J6 

31 

42 

38 

44 

49 

45 

S3 

60 

1 

Z>l 

6 

21 

37 

47 

3 

7 

12 

16 

24 

33 

10 

14 

20 

100 

125 

137 

12 

27 

.32 

67 

95 

UO 

27 

45 

57 

32 

72 

85 

50 

65 

82 

16 

47 

— 

90 

92 


47 

73 


15 

22 



— 


82 


_ 

37 

IS 

« 

— 

45 

53 


37 

_ 49 

60 

6 

13 

18 

24 

38 

49 

X3 

20 

26 

10 

24 

35 

32 

38 

42 

705 

265 

310 

17 

43 

55 

170 

235 

280 

27 

55 

75 

L4U 

210 

250 

40 

70 

100 

40 

185 

225 

55 

90 

125 

90 

165 

205 

85 

U5 

150 

15 

19 

24 

6 

104 

13b 

IXh 

J5 

19 

10 

14 

17 

7 

lib 

15b 

lb* 

1*2 

22*2 

2H 

2H 



0* 

0>a 

__ 

IrV 

li 


06 

1A 



04 

qu 

— 

if 

ZA 


OA 

0£ 

— 

3* 


— 


; period. disappe 

ICI moved up V* to £15%, while aesuits. 
ILaperie, ' following favourable 
| comment on the interim results 
land a broker's recommendation, -, H1 _ 
firmed 5 to 542p. 

> in common wifo ofoer con- . ‘ 


CsarteJddK, 5 -op at 50 ^j, and 
Damson International, 10 better at 
331p featured another firm show- 
ing by Textiles as investors con- 
tinued to digest foe excellent half- 
tjaer from Mr David Alliance's 
Coats Viyella, Comment on the 
interim figures served to heighten 
foe recovery prospects of Corah, 3 
np at 106p, but recent speculative 
high-flier Textured Jersey dipped 
20 to 233p as foe board effectively 
defused takeover chatter and foe 
chairman denied that his perso- 
nal holding was up for sale. 

British and Co mmon wealth 
improved 17 to 514p following the 
latest acceptances of its offer for 
{Mercantile House and the lapsing 
{of Crown’s offer for Mercantile's 
Marshalls and William Street 
wholesale broking operations. 
Antofagasta, on the other hand, 
dipped sharply to 308p— a decline 
of 25p— reflecting widespread 
disappointment with the interim 


The oil and gas sector made 
farther good progress, helped by a 
mildly bullish view on crude oil 
prices held by a leading UK seen- 


iissrai ££ ■fSfita'Kssrjs-* 


i high street retailers benefited 
Ifrom the latest domestic economic 
■statistics. Useful rises ware estab- 
llished by such recentiy-subdued 
! counters as Burton, 296p, and 
; Dixans, 384p, while Harks and 
; 8peueer, still aided iv recent com- 
,'ment, pot on another 8 to 247p 


more to 432p, following numerous 
buy circulars during foe past two 
weeks. BP, ahead of foe expected 
publication of foe pathfinder 
prospectus next week, rose 3 to 
377p. British Gas rounded off a 
good week wifo a farther 3 
improvement to 179p as the 


!l?taftcnr consideration foe 

: recent interim figures prompted a Y rkf *** 

slightly firmer tone In Woolworth, T^yo, gets underway. 

3 u at 358p, and Ceato Ylyella, Buyers continneito hold sway 
U&JTS'mZE Seats O^sas Traders. PcRy 


j3 n at 358p, and Ceato Viyella, 


jdened 4 to l73Mp as Wood Mack- 
ienxle rated the shares as a “short- 
'term buy" ahead of interim 
, results scheduled for early next 
.'month. News of a OMm rights 
.issue in convertible bonds lifted 
[Next 6 to 36Sp. In contrast, Btere- 
; tease dipped another 13 to 346p 
i following details of the proposed 
; management reorg an is at ion. 


‘Fed again featured, rising 
another 16 to 416 p, while similar 
rises were noted for Harrisons and 
Cresfield, 70S, and Inchcape, 855p; 
foe last-mentioned is scheduled to 
reveal interim results on Septem- 
ber 28. Tlteghur jute, again 
responding to speculative 
enquiry, partly reflecting asset 
injection hopes, advanced 
{another 20 to 250p. 


J electricals— at its height early in * Breenwlch Resources returned 


jthe week when Hong Kong’s Li Ka- suspension and ended the 


— I 'Siting revealed a near 5 per cent ,. at , 4285 one-forvone 

™ 1 -- ■ M O m m , _ . rlPflU 1CC17A Or VtKYV- fhn .!1 : J 


Z I stake in Cable & Winless and a ****** J[ ssl, e at 335p; foe nfi^paid 


Tr. 12% 1995 
(109) 


-n-jikKton/ 

1*115) 


% ?i $ & i 


24 

- 3»a ■ 

14 2 

i 4 a 

44 - 


Monopolies Commission finally 91p premium. The 

investigation into British Telecom *** launched to fluid 

■was mooted —»»—-* — ■ - c tu. lireenwicn s proposed purchase 


was mooted— contracted as the ;®**“Jrich s proposed purchase 
{week drew to a close. BfCC raced F or £ 18111 °‘ ’Australian gold min* 
up 15V4 to 432%p amide specula- & 0 * 1 * Umted Goldfields. 

’tion that a major acquisition «... _ . 

could well be on foe cards in the iradCT OduOUS 
near future; a leading analyst nig- r 

gested BICC could be interested Trader options I 



f»sted BICC could be interested Trader options finished the 
in ac quiring part of Babcock week on a bright note Dealers 
international, recently purchased reported increased Interest 


by PEL AB Electrical leapt 41 to throughout the list with the result 
i455p in the wake of foe sharply tost total struck amounted to 


tacreased preliminary profits and 54541 — comprising 42B42 n»ife 
the proposed acquisi - and llfiSQ puts. Much of the ses- 


jtion of Flessey Connectors and 
: Sawansea Industrial Components 


Sion's activity was centred on the 
FT-SE 100 index which responded 


d the on-for-one rights issue at to foe money supply and femk 
Op a share to raise some £13.7m lending figures with 4,480 calls " 


after expenses. BSK, a current buy and 3; 
recommendation from BZW Beyee, 
added 9 at X47p. Triemetrix, on the andaft. 
other hand, dropped 8 to 53p on results 
news of foe interim dividend 3519 < 
omi ssion and big loss. were i 

Persistent talk of an imminent iSeries, 
acquisition — Anmri was men- 
tioned— tiffed GSN 12 more to Tk 


a nd 3 ,066 puts transacted. Rells- 
Beyce, an active class both before 
andafter the recent first-half 
rra^ts, remained to foe fore with 
3£19 calls done, 1,166 of which 
were struck in the January 205 


Traditional Options 


Tbsco continued to trade t J ^ e *? ln * s Sep* *1 
actively— volume was again over * “*** d e ali n gs Oct 2 
4ni shares— and the price closed 4 * “•* declaration Dee 17 
highCT at iflSp. Kwfk Save con- * ^ Settlement Dec 28 
tinned to recover and gained 4 For TaU *"dic«ions see end of 
more to 385 p. William Morrison London Share Service 

responded to good half-year . favoured for the call 

figures mid the open offer to “eluded llarier Estates. PoUv 
shar eholders to help finance ^ A stra Indosfrfal, Cauldon, 
^an»on with a gain of 10 at Gro«w»ich Rtsnutm D Bate 

qIRTL VflftH ^ITlTlIlf Tltffct ■ I 1IHII RtalllkT Trtl>116n^ i Wa mm " ' 


won with again of 10 at Greenwich Resource^ Dimton, 
Fo^ Manufacturers were ^nle x, Johnson ami Firth 
ated by the Tate and Lyle/S. £ pg ff"l Securities, Abara! 

RdHc Pa wI fflfMim * ■ P pflllnnil Date w_ - 7 .. I ■ 


tW. Berisford news, but buyers 
stoned for Rank* Haris 
icDaugaii on takeover hopes and 
w close was 6 higher at 349p. 
Tras fooase fhrte made eariy 
rogrosa to 262p, but eased baric 


^tond. ^InternnOonal «ty. 




Fim nr8FiFinr^ 


Chancexy Securities 

Ito d B^S Br ‘^25. were t * ben 0Bt 

‘^Bmtt Devriopaieuts and 
doubtes 


98 

57 

27 

9 


213 

Z35 

168 

193 

128 

152 

93 

118 

62 

88 

40 

a 

23 



BO I 


-I % 


n - 
a 25 

90 38 

2 57 
70 — 

95 


NEW HIGHS AND UIWS FOR 1987 

JniTISN FUWSMlWMeMISa). nimM 1 ?!? 04), OVERSEAS 

£*W£|A« cSr^ bSSb §1 


S rprt a bat 18. Trtrt Cornea 54,941. CMb 42,942 
FT-SE MR CrtSMaO. Ms3y066 
*tM0htagsew(«rPte 


942.fettU.999. 


03, BANKS (Si, 
BUILDINGS C6), 

B ‘CHEMICALS OJ, STORES (4k 

CALS (VO, ENGINEERING 
(3), HOTELS «), 
*ALSi OOL INSURANCE CSX 
f?X MOTORS (4X 

jots ox papers tax 

(V(«X SHOES pX TEXTILES 


mines fiox niuim^ru 1 

ri< e»a .agajB 

SSSSSSSs Si J!SL s; 

“l«ES ax Anglo ftmtaSr 11 ^ 


m 


. 6 V 




■ V. " ' I , 

•%. • ^ 

■ ‘ *■->. - 1 -■ 


. j v;> . 




' ~ ■ ' V- . “ - 






















































23 




•j/: -v. . / .*.■ -; r •■-• ■.. 


Financial limes Saturday September 19 1987 




g§f 

WlfSS 
1 ; 


53SS 


?-ss* 
%*£**& 
' , -* L ' fcUs? ‘re, 

i.:::- loa si3 

—t ^ if, V"Q| i 

•X; ?*»’*« ft- 

vS33§ 

f 5 " *SSfc» 

f ^iS p “*s£ 

X'T^ 

::S|§ 

. . . m? R«*kw 

^ * =? c£ 

. ;.~^"-i. iDfe 1 

* ®S* 

v: Af 

r -r.. c i.O-aig ■ 

prtissag 

,l '-' *■ — r*l*5|>u 
;- 

1 • * r "t 
^.'CKserca^g. 

:■•■* ' ' l ?-Ej 

“ . “ s : ... c *?5 

- ■■•’■: -■»> 

; : ‘.-rur.;j: 

■•" £=i2* t 

“ - *■■ ii: *2; 

•• --. "ilia £ 

■ ! -"i-'-i "S£ 

*iO- )? \:a r^ 2 

-■t ta 

:.:s*r.: --.2 •*: 


•:. jr.. :;• ~itv. 

? ••.! ; r..?-:3 2t 

•..*.# at 

■-• :;--:«si'4r. 

. -r Lja^nKc 

:;:: :'. ..rrsjE 

;:*•. if'-HQ 

'. . : •- ' '-■* r— 

• -ii; 5*113:: 

r.;.o is 
,.. ra i i- 
. _. ; 

rci=BK s 

. • }*rs2:- 

V’ 

TrJS 5 

r - ; 

•-■ •■.•.: £©**■ 

“ - ■ -_- : f£fr 
- •’.; ..«£• 

' - -Isi- l&- : 

‘ : **F * «r» 


_‘ s ‘ '. • ^ 'i , 

„ reycrrii •■” 
'. •»■• :tcv 
_i i- 1 ._ -~^S- 

•. ■■■"i 

• ■ , .-vih 


i .:;^V 
■• •.-* 




-1 

: - 1 -; .rv 
•T: ' -.«> 


-:» f**L 

." -* s^-fSefc ,V 
:.-s 

l*"!' / 


,-s ;. • 

'u •• ■ ‘ *j’. f ’ 

.A*** - l" ; ' 

li. :V •" 

a •* . ^ - 


LONDON STOCK EXCHANGE 



BurulFt£7% Cm tins Ln 3tt 9567 -E144 

BuigmoituincnCMiMP -as . 

Bumdam (nMatmants PLC1M Um Lfl Stk 
20O7M2 - tTOfl (l&SaBT) 

_ B^^rftaW««0w*»»wtMycwtowB«f«ti^wWi«a»»itfrWHl*aThti«4»¥ / s 6l iSi^aa* PLCWt!l *° ^ ** *** 

* W u? WuW ?* ^ wM» «. Pjmnte lon. q% Uns Ln Sh 980003 <'E7fi(198Mn 

n}Bt*to Wtf yyUlM not tadmed b or FT SbM Wonn*iioji Services. e% 5w uL Ln^JWBCW - «*i| 

Urtm Mtenrise Wtotol 9rtc*a *» in pwce. T1» prices *t ttese at wMdi me 2 mmwwhwi immi 

fc iPHieg w a» done b tfw 2 * hw w gp to 5 pn? on yfyndsy end setflcd Ugoogfa the Stock BuM's imp* 80c 8887 ■» 

” c 1^ St !S™“ PLC3 ’ i%Cum, “ w 


nocwneiiter or execoced In iwnw markets. 


Corporation and County 

StOCkS wo of WimridvdcdS 

OtmrUinoonCw^l^SASIVK* 

$85>/ 

BimhoMm CorpZ.br. 3» 1B26(or *tW) * 
C21<t4Ss97) 

pimwwhsn paWct Coundm%% Red Sfe 

2912 - £101 (14SoS7} . 

Croydon Core>3^% 8tk - tXT niS«87] 

Lharpool Coro 3% fUd Stic iM2(or atari - 
£23 (193*87) 

N*ra»i*-l*ja>-Tyne(C«y oqiiv%ftac( 
SMr80i7-ei0iw ' 

Srtotd CorpS»% Rod §# flSflBJ - £8SK 
•H6S«B71 

UK Public Boards 

Wo ofCwgmmmciuOedl • 

AgrtataBd UmMB Coro PLC9%% Did~^ 
a«K B&60 - afe 053087] . . 

- 7 Deb £6 0163-08 

10M% Dab Stk B265 - £99(145^71 

Groat Ou»oWto» Authority 5«% Rod 8«t 
asm - £96 a (issoan 

Movopoaun WUorMMrqpofitai HArtef W A 
60. 53C003 - «tf» fiosoffn 

Pan Of London AuOxrrtyBY.* fi ; SSr S7m 
. £8714 (14SC87) ■ 

scornso Am Sac Corps** Dad SR 9869 . 
- tac jl6Sa87) 

Commonwealth-Gavemment 

Mo. of tarnalna mdLded7 

J»f»y Bearttfy Co lxr» GM S* WOO - 


Sctrrdtani PLCBMfc Una Ln S» B7i20D2 - 
£04K (115*87) 

Standard CWrwM PVrCUtt%Si*ORl Unc 
US|ktaW-CMIl999s9 
TSS OMW PLCOnJ iffip - 142 3 4 4 6 S 8 B 
7 

WarDura {S£L}Qraup H£7%% Cum ftf £1 

-too 

'Breweries and Distilleries 

No. or targ i w memaaoBa 

AflM-f^ona PtC6K% Cum Pirn -31 ’ 

nS6#S7) 

7K% Cum Pit £1 '68(1880871 
. 7*% tad Oonstk 8603 -un 
- 1 1«% Dab 80(2009. £107 %'t 

5IH. Una Ln S8i - £48 11 1 So87) 
fi«1b um U> sac - £«9 IT1S087) 

BN* Un» Ln SBC - Esa (11Sa87) 

7VL Una U> E8c«« - £78 
BMaPLC4«CWnPrTEl -34(l5fiaB7) 
7%CumPif Ei -81 1 
SXIb-Orb S*B762 . £7M (11S#87) 

86% Dai) S8( 8762 - £88* 9 
1065% Dab 5*98/98 -E99S (l4Sa87) 
7K\ Una Ln SB( 9267 - £79 

Baca bnrsaoiianlsPIJCB* Una LnStfc 8560 
- £ 8 * 

. 7*% UnfLaSA 8fXT - C7S* (fSSo671 
SoddHwnnOnMP PLS9*% Cm UnaLnSOc 
200005 '£140 

BvanadH V JHldfli PVC»y.^ Cmn prt n - 
117(118087} 

BH*2NtCMnPrtei '110P5SaB7) 


. . Btcamrv *UC4% Oob Stk - £34 

cieonia wnqf PLCW Offl fip - 85 
(105087} 

0hCU«P«fE1 -96 7>K11Sa87) 

7% Ind Um U> SBc - £81 (itsmtn 
HacdycB HanaoncPLCOrdZSp .780 
6% 2nd Cum Prf £1 - 52 (i£Sa87) 
HwtttM Brawary PLCIIIV* Cwn Prf £1 - 
107 

UanaSold Browary PLCCad £1 - 525 
MantorLThompaon A Cranhod PICT* Una 
Ln 9* 0MB - £86(1 1Sc87) 

SemUah 6 Newcaata Bicwmim PLC5H% 
Cum Prt El -SO* 

7VHCu»PrfCl -70(15So87) 

7% Cm Cun Prf El -154 
7K% IHMn Dab 3*88/94 -£856 
Soagram (Man ft£12%% Dab Stt 2012 
- £1081 (1&Sa87) 

TlmataatOirtal} PLCS% laf Gian Prf £10 - 
4fl0fl4Sa67) 

Truman La %OW% Dob 8* 9766 - £94 
(145*87) 

Vma Croup P1C9JB75K Oab S* 2015 - 
E80K- % (Ii8e07) 

WOlaay.Mana 8 Truman NUga PLC4k% Rad 
Dab 9* 8868 -£73* 

8** Rad Oob S8c 8760 - £88 
7% Pad Mr Stk 8863 - E84 (165*87) 
186% Rad Dad Stk 2008 - El®* 
(16&O07) 

B% Una Ln SJfc SUBS - E8l fllSeBTI 
Wttoraad & C9 PLCB Ord 8Sp - 880 
(115*87) 

fi% 3rd Cun Prf Stk £1 -S3 
7%3rdC(mlVfS0cn - S3 
46% Rad O«0 SOc 998900* - £82 
7V% UnsLi) Stk 9861 - £87 (166887) 
76% Una Ln Stk 9560 - £76 7 
76% Una Ln Stk 98/2000 - £775 
9% l)ns LpSfk 97/2001 -taO(lGfia87) 
1Q»% Uaa Ln Stt 890065 - £93 
56% IrrdUn* Ln Stk - £51% (16Sa87) 
Whttiraad kiMMOiam Qo PLCOrdJSp-328 
(163*67) 

Voung t Co t Brawanr PLC42% Cum Prf 
Stt-S* 

Commercial, Industrial, etc 

No. p< b»rgaki« tnckidad 18844 
AAH HUo* PLC42% Cun Ptf £1 -62 " 

AECI Ld56% Cun Prf R2 - 20 
AMEQ PLC15% Um Ln Stk 1898 - £11? 
Aardraen Brat pUS4£S% Clan Rad Prf E) - 
."800)9*87) 

Atwfoyla KKUo PLC8%On UR» U) f» 

1965 -£|IB K, (168fl97) 

Adscarw Group PLCQrd 5p - 108 10 
m^ertfiP^paytM/Sm-ios 
AUoo H-COld sfe - 100 34 
«ngM A tatta* Ld8%flal> 3ft Wfl* - &s 


8%OklSttaOOO-£9g 

Foreign Stocks, Bonds, 
etc-icoupons payabte In 
London) }*q.cSbvv^tf<Cki<)mn 

BET PLC6%% Cm Bds SMI - £1 176 
BTB PLC4K% Qtft SuD Bps 

!995(BrECtOQOSlD(lOO) - EC1 18 (143*87) 
Barclays QvnrtMa tm Co BW8% GUI Bdo 
1996 (BrY 1000000) - V886 (18SaB7) 
Batons B.V.Zsm»2SntBGfflr E100M) - 

£41 K (138*87) ■’• 

prtoaJi Land Co PLC7VX. Cm B8B 8002 
fl&CIOOOMOqO) - E133* 

CotmtxaMmaldi Bank of AudnAi14% Nts 
1994 (SrSAIOOMIDDOO) - SAIOIK# 
ConsobdauKl Gold Pialda PLC86% Cm 
Subord Bds 2flQ2(8<£fOOQ&MOO) - 
£13807* &(»• 937<e A4# 40* 2(9 
DRG PLC6K% Suborn GnvBdO 3002 - CIOS 
(118*87) 

Domna Group (BaptaB PLC8«% Cm <W 
Bctt 2002 (BrESOOtUSOOOO) - £1071) 
(156*87) . 

Du Po« Ovaraan Coptad NV26n>Cpn Ok) 
Data 1990 - *806(143*87) 

Ganerai Duarte CradSt Ml WZaro Qta GM 
Mt» 1995 - 6476 (148*87) 

General Motors Acceptance Carp7%%Nt8 

- m v , 

Goodman TWdor (UK) PLC5% GM Subord 
Cm Bds 1997 - El 16 (MSeBT) 

Holtu BUkknfl GoctoiylOW* Ln M* 1991 - 
■ £986 . 

u^jfii n uiiwflcit u i Mij iyiVDuTb \sm uw 
Bds 1999 -£188* 

Mamaaonoi Bank for Roe 8 DavlOK* Nit 
1999 (BrtSQOQ - qmt « (113*67) 

Land Sacunfm PLQ66% (bv pta ?QQ2 ^ - 

£1046 K (faSaeT) 

taata Pttimnora Bothnia 8ocia«ri06% Ma 
1991 (Br£5000f SJSK 
Lucas fnambm tnc56>Gm Bds 2002 r 
S1 156 01&B87) 

Msrroudkon Estna & Prop M NV8MS Cnv 
Bds 1996 - S1S7.71 nSSsS^ 

Morgan Gwrarm Tot Co ot-Nwr Yort(9% 
Dapoad Nts 1992 - £83)5 (145*87) . 

Non* Hydro AS8K% Bds 1B9Z -6889191 
(ISStaT) 

PacHlc Dunlop Ld7% Subord Qw Bds 1996 

- $19403 

Psarscm PUCZato Coo Bds 
l998(B«lOOOAGOOQ -r#lK<168a8» 
Partnautar & GrtonM Sum Haw Co46% 

Onv 8d0 2Q02 - £108% ' 

Prudontw Pnnta W?**GW Bdf W 
(BifSOOniQDOPQ -SBS* 8(11$*#) 
Pnidwdiaf RmtOno Corp869r MU 1SOL- 
$83% (iiSoBT) v 

SaUuburiJ) PUE 106% MW 1993 ffidaSM 
-£98%.)> (18S«87) 

Smkti 8 Maphaw Asaociattd Cat PLC56% 
Crw'Bga 2000 - S163J3 6-48 (15So87) " 
Storobgia* PiC4M%Cta Syftprd Bda 
2QO1(Bi£SDO0) - Cl 186 H(16Sa87) 
Wramar PLC8% Cm Bds 2098 - H 19% 
018487) 

Sterling Issues by 
Overseas Borrowers 

Mo. of targama M*Mad1Q9 
Amencan Bmnda 0 k 18%% Una lii Sk $909 
-£108'4 

Aafan Payatapnwnt BanklOK* Ln Stt 
2009(ftag) s- S56 % 088a87) 
AusJrata{ConFTJonwooa)i Ln 8Sl 
2012(Fteg)-£88U 6% 

• 11W£LnS8c3015{Rngt -SIOSM Mi M 9b 

4% 

1 Bonk U Grooco1W% Ln Stt 2010(7*0 ” 
£89% 90 058687) 

CBtsca Cantnto Da Cooganttn Econt26% 
GM Ln Stt 2OT3ptog3 - E112H 
Catew Nattotas# Daa Annwnaal8% GM Ln 
Stt 2006 - nag *■*%**. 
ca^uOuarmy Rnanca NV13% lira pi Stt 

Cradt Foncmr D» Pranca 
" -E956 % %%B 

146% Otcf Ln Stt 2QO7(R*(0 — £128% 9% 

6 (15S0B7) 

OttamertcKIngdom oflisjt Ln Stt 20DS- 
ClfS X % 

Etecblcte do franco 1?%% CM L" Stt 
2008(Bag) - £112% % % 053*87) 

116% BtrfSarLnS* 2pUn»lB8l 
E107U H V Ki 

Europaan inwHimM Bs*9% laS* 2001 
(fteg) -£886 % 

i(S5%LnStkaoo4tF«rt-e87*s6* 
10H% Ln Stt 200d(»%09QL T £07 
(155087) 

11% Ln Stt aOOGftatf - £1 89 8 %. % 
RntandCftoPuttfc QQ11W« In m ?0«Sia 

- £1«6 56 

HytfeorQuab«ci2.7S% Lq Stt 2018 - £114% 

K * r S%. 

19%Lnfflk20M -6129% 

M»Ldl"56% Una LnSBc 2008 8 Rap Dpi - 
£1286 (IBSaST) 

Mar-Ainwlcan Davatopmard Dartk06% Ln" 
Stt 2816 t £91 K 6 6 

MoniaBonal Btak tor Rec A Dov9H% Ln Stt' 
20lQ(Ftoa) r£816 % 

11 JVLn Stt 2003 - £108 085(87) 

Inland 1 2H% Ln Stk 2O0 B(Rm) - £109% 
MattHtalO%% Lh Stt SOOStEfi) - £90%<e 
Now 2a*and 1 1 6% Stk 20Q8Pr ESOOB * 
ElOih nb % (i4SaB7) 

1 1 6% Stt 201 Hfftog) T £104% % % 

Nova ScobafProvfaca of) 11%% U> Stt 8010 
t £105% (168*87) 

186% Ln Stt 2011 - £143% % % 4 
PttrolaM M«ttWiaa14%% *ji Stt 200* - 
£724* 

POtugalpap 099% Lf. ?tt 2OT80Mtf - 
£80% 

pnjvtfco da Quubocl26% Ln Stt 2C2p - . 
£1106 018*87) 


ASsrtdMAtttaM 
• <16SaB7> 

McanAtuntnapt 

,86^019.064 


8»ttpfHp» r 


jSSSSS^Smni^tnS^Si^- ^L»2ud R*d ^Lprf 055W) 

/MRMranniQfViiu WWr... 995%3nl0unPrtei -48048a8n 

iMXraLnNCilMtMtt .me ' Boom PLC6%% DabStt 84«9- £92 
^l^hCtmiOwRad Prf£l - i»fiESif9*) SMfcUnaLn Stt 2004« -B5C4 

AB*d Tad* Cnmpanifjt PLC 1D% Cm ReMlBnPiCfiK%CMiWRt-ltB47 

ftjbttd Um ur 0tt lew -£2900068071 n^SSn^ 

MPLC8%CumCmRfdM£1-1420 PICOTO 5p - 75 

n» n miwx. n n m Fortnum & MbeOTI PLCDlU Stt £1 - £37 

'^£ggg«‘,g ow * '£&„ xa .„ 

•mw* 0 ’*’ 1 "* m* 

AppMnw Htdta PLCOKf 10P - 300 088*07) ^ 

^e^raTl^aT)^ 7 ' 1 ^ 00,0 ^ w 10%CmUwUi38c9IW6-£»66 

j^saaasaSij^foSv 1 

a l MS3S‘*““* 


am 87(2002 58P- 27 05Sag7) 

7% >. Una Ln Stt 87J20Q25Op -34 
066*87) 

Aosoctaiad Byarical Intkistrifs 1466% Dab 
Stt 68«1 -£87058*187) 

Ann ABFraa *8" Sna SK1260 - £28% 
015*07) 

Astro Hatdkrga PtpDrd (5p (^c DM) - SBK 80 
BO B %1 » 

AuttaMad SaourtMHMta) PLCS% Crer Qan 

Rad Prf ei - ip 


10Vi%GWDab Stt HOW- £98088*87) 
Z50p -34 fl a n a ra t Baecrte Co PLC76% Ura Ln Stt 

M 87/92 - £85% 05SaB7) 

Mys M106% Dab 7%% Una Ln Stk 88/83 -£86085*87) 

U0-C286 GawBlMqilora CorpCom Stttl 2Q - 

__ . „ „ Baotttnar HMD* PLCOnJ Gap 2Sp - 350 

ftcOM-KKBO 018*87) 

10% Cm Una Ui Stt BOSS- £199 
PLC 5% (Mr Cun Qbta* Dandy PLC7%GumPr1 £1 -84 
04SaB7) 


Bpaaiar Group PLCOrd 11* -2420BS»S7) 


■ El -58016*87) 

AyraMro Maut Products PLCOtdBEp - 133 
567848 

MOD PLCTC* SMI Cf/nM (Ok Ct - 4Q 

7%D8?6ttBS«) -r£88 
7%% Dati 9fc 90195 n £82% 085*87) 
BpC Group PLD45S%CU0» Prt p -57 
058*87) 

,13K% Ura t« a* 201207 - £1006 
BPB tnttutnw PLC10*% Dag Stt MQ9 «• 
£97% 

B&G-MamoHonfll PtC12%%UwLn Stt 
9&9e -£B6(l6Se87) 

PLC-B- Old Wp -215068*87) 
Barkar A Ootaa n Group PLC0K% Una Ln 
; Stt SOfflS -£70 045*87) 

Bartow Rand UJPftJ Od GO.IO - 450 
BottVI PLC 10% Cum Prt P - 418 
BttHarfaKXW>a« PLC WO% Cum tad Pit 
CTgEfr P<«ano«n -28% 96 % 

Si% Cm Una Ln Stt 2000 - £1 82 3 

pLCDTdlOp -f TO 4 5 

BMW Oyntast PL£7%% Uha Ln Stt 87/90 

- £07 (168067) 

GtymkaH Hutton HMfla Ld6%% Cun Prt Stt 
. £1 -48 

Btocfcamod *Mo* PLC 9% Ufa Ln Stt 8600 


BtoeCirato todustriaa 


£104% (16Sa87) 

Swadanpungdun 0096% La &k 2014(H#g) 
-S906 

ias% am opatf -«?oai% % 

0OSa87) 

Tnmacanada P)paflnaeLd18%% lit MM 
Pipe Ltaa Bda 2fl07 - P88 % 04Sa») 
Untad Matdcar) Btatoa16N% LnStt 
2008fflaa) - Poo%* 

«^LniStt2008(Br)-C1DO%nfiBa87) 

Banks and Discount 

Companies - 

Wft of bargain* inctodadiao ' 


Bar* of WaM PLC 13M% Subord Um Ui 
S tt 96/07 - rtlO (159*87) 

Btocttya Bonk PU37%%4« C«7 UiS* 

- aSrtl -EBT*# 

b%% ura era Ln a* aaea - pea k 
12% Una Cap in Stk 2010 -£187% % H 
. 16% Uns Cap Ln 3* 20ft»37 - $133% 

Barings PLCB% Cun 2nd Prt £1 * 99% 
MMtand Banli R£Nm £1 mt/PjtlrM/Btfl 
-50588101022 

7%% Subord Una ps Stt aaS3 - £M% % 
56 06So87) 

10%% Subord Una LnStt 93(88 -£9B% . 
14% Subord Una Ln Stt 2002*7 - £1101) 
(168407) r 

Maflorati Wesiinln M ar Bank P(LC7% GOtn Prf 

0% sSord^Ln 8* 10M - £37 % _ 
12%i 6 Subtxtt Una Ln »k ?O0i - £110% 
Prudarwal-8acha Cap Fui»oPL£Jfl6% 
CwnPrtEI -10O0188») _ 
ftea ttottars Qtqup CMWd* 1 W 

£1-136(108687) _ . 

Royal Bank pi Scodand Group PLC5H% 
CumPrt« ;5*01S*07) - ‘ , 

11% Cun Prt n -102% n 18*97) 


Btoe'CMto toduoriaa PLC6*% 2nd (Up Stt 

■■".BBt-aaiM. 

66% ura ^ punters * «* - asw 

^£^^575% ura Ul Stt 88)93 « B* 

"5% 

Bow?tar tottwtrteaPLC4^5%Cu»P0£| - 
PLC*A- Non-VOnf 
PLCOnJ £1 -38? * • 

LnStt flgOS 

^5ssa%% c 7 5 r p i 

SkMta PLC106% Deb Stt 91*0 - 94K* 
erMvrb-Gintty PLC8% Cun Brt £1 -EG 

*£«sS ,u,n «p - ' 

BrWabAbwayaPLCOrdiSf) -170 90 ^0 ■ 

200 1 2 2 3 3 4 4 6 6 8 7 810 - 

ADR 00:1) - $32445 3 353 % 

Tobacco Cq U8% 2nd - 

Bfi«l ^ Totafflo|irram^»%1b* , 
Ln Stt 90/96 - £93% 068*87) 

10%% Una Ln Stt BOBS - Off 


Qttta Gtow Group PLC8H% C*n Cm Rad 
. Prt 2000 £1-122 (ISSoST) 

Qtafo Group LdB%% Una Ln Stt 85/96 80p ' 

. 7%% urn Ln stt aarss sop - as 40 

Glymnd MorrnttonN PLC75* DtaStt 
8tt94 -£88 048*87) 

10%% Una Ln Stt 94/99 -£?4 Q«B*W) 
Gnqna Piwiaaw p fae ProduOa PlCiM lOp 
-210(115*07) 

Ooqdyrin PfjCOrd lOp -»0SSa87) 

Grand Mafrop* aan PLC5% Cgn Prf £1 -40 
0SSa87) 

£6% Curo Prf £1 -57% (168*87) 

10% Una Lit Stt 91/98 - £92% 

Greet Untwratt Stares PLC6%% Rad Una 
Utt -£46 _ 

7%% Una Ln Stk 83*8 - £97 04So87) 

B%% Una Ln Stk 93/98 - £81 3 

GuanfanUfancftastar Erentog MswaPLC4% 
Cum Prt £1 -33 B 

Na^EnjgaaijgjHldB«)PLC5S5%.Qta Prf 

Halm PLC 11% Cun Prf £1 - 128 019*87) 
Harr&tw & Crostaftl PLC6%% Cun Prt £1 

ttawkar SUdatay atwp PLC5%% Cum Prt 
£1 -48 

7** Dab Stt 87/92 -«•% ^ 

hay A Bobartfon PLCS%_gan Rrf W - tt 
HanNsPlC8%% Una LnStt -£72,nB^F> 
Hyr^agar Brooks PLC» -1HJ018e87) 
Haywood VHSama Group PIC8% Cue Prf 

MdunnMNnMtoral PLCB%% Ura Ln Stt 
80/94 - EM 04SaB7) Amn „ 


324 326328 326% 

Mmtttt nrarm PLC10% GM Una La Btt 

fWMPI^fc Smffcj 

HopMnaona HMga PLC&2S% Cun Prf £1 - 
. 706 P4£S*87) 

Horn* Brea PW!7% Cum Prt £1 -60 

$%%5L Lit » 96*000 - £70 0«M7) 
£|pon of FMaar PLC8%% Ura Ln Stt BS*8 

HoOmS A Mfyntdiani PLC10% UM Ln Stt 
78/91 -£90 

Hutting Aaaoolatod Mtoraj** PUS9»% Cm 
Unaln Stk 03*8 'HOB . 

AS PLC7%% Una Ln Stt 8»1 -M7%* 
ITL infonndlon Tecbnotogy PLCOrd lOp - 


04/98 - £76 00SaB7) _ . 

JSuS ? n -wmtmisn ■' 

7J% Non Cunt Rad Pi! £1 -dfif 9^% ., 

g^Jf^M3prtar» UJ5 l 28% Cum Prt £1 -39' 
Brittjh Shoo Corp HUga PLC0%% (torn ttd < 

Prf£1 -B0»0ffie») 

7% Una LnStt BS«0 -W _ 

EOpan A Jackson PLCOrd 20p- 99 15 80% ’ 

B^BpwMK*mPLD8%UraUiSttWf» 

' ' - £85 fllSaBT) 

erownfjofn) pu34)Wi toe In 9*3903 3 

-•SUeSa kaw-as# •' 

^(^FJfPOPUJOBtfSttttLTfla " 


Impartai Ctantoal toduatrias PUS8XK Una 
L» Stt 94*004 - £01 % 3 * 

7%%UraU.»«»l-g«**KW K 
B%% Uns Ln Stt «/»■ - MB%9 M Jt % 
11%% Uns Ln Stt 91 *9 - £10 Wi 3Jt 
Intarnationai But Macti CorpSta Cap Stt 

WW i^ or i^ arM Etoar Corp5%%aw 

OnuUK Ui stk 79*8 - cut n^aO) 


PLCB%% Cun Prt IrCI - 


ARJPLCB1H 
043*97) 
ARrtfi Brown 


PLC 11 00% Cu» Prf 


£1^125lM|tfn 

11% Un* Ln Stt K 


k 93/96 -£90 

Ae£%CwGunPrf£l 


jOMttStraud(HldgD ftC10% Cw» Prt 61 - 
KttvWig Broup^ PLCfi%% Cum ftf £f 

Karo^B.)ASua LdS% (tan Rig Prf 02%p 

KMpon PLCOrd 25o -1499? 

LaiBjiota Group PLC0% 6W Ura 10 Rk 


90*2 -£8854 


Carbon Mkoma PLC 7% Cun Prt D rH 
006*07) 

Cororamy Industries PIC! f* Own PrfEf - 
118224(163*87) 

Gangway Trial PLCTl% Cum FrfEl -120 
(11S087) 

Ctamtartaki PWppa PLC8* Cura PrtCl - 
64 (158*07) 

Cfianwi Tumal tnwakranta RJCfip - 200 
2040 

Chamratona bxtomtal HUtga LdiO%% Una 
Ln Stt 88*8 - £93 

Chanar CqnaotldatM PLC2rtBr)(C*n 4^ - 
460 

darken".) PLCOrd lOp - »p 86*87) 

Oyda Bto waa PLCOrd 28p -3556070 
(IQSaST) 

COMB Patora PLCK% Uta Ln Stt 200007 
-£85% 

7b% Uns LnStt 90*8 -£7781 St 
Coats VlyoVa PLC49% Cgm Prt £1 -62K*6 
0%(HS*B7) 

Cohan(A.) A Co PLCN0R.V 'if CM 2S0p - 
72S 55 (15Se87) 

Comomd EngRafi Bum Grots PLCB%% 
urn Ln Stt 88*1 - £70 nSS*87) 

Conrad HMdinga PLC Maw Ord Sp 
fFp/PAL-r/KUST) - 190 0SSa87) 

COO/raOn Qrora PLC 7% Pfd ore 50p - 30 
(18Sa87) 

CopaABnan Meoadonai PLC7M% Rad Una 
Ln 58i 71/90 - £90 05S*87) 

CoratiPLCB% Cun PrtCl -5S04Sa87) 
Coaab PLC 10% Uns Ui Stt 83*8 - £96 
(!4Se87) 

Gourtauas PLC7V% Dab Stk 89*4 - £84 
5% V (145*87) 

5ft% Una Lit Stt 94*8 - £70 05S*87) 
854% Una Ln Stt 94/90 - £76 
7%% Uns Ln Stt 94*0 - £79 60% 1 2 
CoarMFttnUMn) PLOW 28p - 350 
086*87) 

CowM(T.)PLCio%% Cm Rad Cun Prf £1 - 
£18% (ISSaBT) 

Croat raowtaon PLC5»% Cm CWn Rap Prt 
£1 -1050 

Croda Mamatural PLC8M Cum M£1 - 
87 (155*87) 

Crosby WootflMd PLC 10% Cum Prf £1 - 
105(156087) 

Crawttiar(Jo>in)Graup PUCfi% Cum Prt £1 - 

Crawttar(jota BJMrdXHkfgB) PLC5%% 

Cum Prt £1 -80 

C/yetaloto Hldga PLC8%Cum Prt SOs »30 
(116*67) 

8%% Cm Uns Ln Stt 2003 - £133 
9%% Cm Uns Ln Stk 99/2000 - £300 
(15SM7) 

DAKS SttqBOD Group PUCOid 2Sp - £185 
5% Cum Prt £1 -43018*87) 

DBG PLC7%% Un* Ln Stk 88*1 -£87% 
Ds/gaty HjC 4J9% cun Prf £1 - 83% 

Davtas A Matcalfa PLC’A’lRan.VJOrd lOp - 
125 

Datanhsma P1C7%% 2nd D*b Stt 91/98 - 
E77 

B%% Ura LnStt 86(91 -£88(148*87) 
7%% Uru Ln Stt 2002X17 - £70# 
peta Group PLC3.16% (tan 2nd Prf £t -39 
018*87) 

7K% Dab Stk 85*0 - £80% 0(18*87) 
10M% Dab Stt 85*9 - E97H49 
Dancata PLCB.25% Cun Cm Rad Prt n - 
129* 

DawtaWWOWdO* PtC9.7B% Cum Prt Cl - 
110068*87) 

Dawburat PLCOrd 10p -01 3 
DtoMaLlamaalBOatDrapFiarglngBlPLCOrd 
2SP-13030 

Domtotan tomrnaBonal Groip PLCW^mmia 
uaubforOtd - 16 5 

Daw Ctaataal CoCom Stt 1200 - S9B%* 
EMAP PLCOrd Hp - 200 80 3 
5% Cum Prt £1 -46 

BHMtfBJ PLC 7% Cm Cum Rad Prf £1 - 131 
pmrtek PLC8%Cm'Cum Rad Prf 92*4 £1 
-700 

ByaCMmuedon) PLCOrd 25p -7B07080 
(113*67) 

EitMre StaeKBradfqrd) PLC6%% Dap Stt 
ffi/BO -£90K* 

Ei^^Bacbto Co 147% Dab 8tt 86(91 - 

e«dpsan horn* Pradpaa PLC 
- 23% V (186a87) 

0X% Cni» Cun Rad PW JOT6R1 ft- W6 

Excattour Jawnaery PLCm%Cuw Wfei . 

95 

ExM due PLD10%% Cun nrf £) ,123 
rai raadPLCS8%iatCumPrf£t-71 
04Sa0|) , . • 

jt4»aMRaao»?Li , tfH r.Mtwaen 
3^s% 3rd Cum PrtCl -43046*87) 

Picons PLC B%% Dab Stk 84/89 -£92 
5%% Una Ui Stt 2004*9 - tSA 4 
088*87) 

ntzwMBn PLC8%%OrmPrtB«1 -1294? 
0556*7) 

Fojkaa Group PLC CM 5p - 75 
Fortnum 0 Maaon PLCOrd Stt £1 - £37 
048*87) 

7% Cun Prt Stt £1 -87 
4%% etas Prt Ct -ST (155*87) 

8K% Cm Rad Cun 2nd Prf - 155 
(1B8a07) 

10% Cm U% Ln Btt 90(96 - £166 
■ 008*87) 


La/ngfJoiin) PLCOrd *A* Non VQ 29p • 362 

Umont Htdg* PIC 10% 3rd Cum Prt ff - 
115 

LnmanKJMM^PLCn Cbm PrtCl -MB 
066*87) 

LwrfSt Jonni PtC7%Cum Prt SttCI -00 
Lawts(JBtm)Parowfmp PLC 5% Cum Pif Stt 
n -48 

7%%CumPrtStt£i -80 
Ua Sandra PLC6b% Cum Prf £1 - 66% 
Ltoraad PLC7»% Dab Stt tm - <84* 
04SoB7) 

London A Proytodat Ftoatar Group Ld0%% 
Una LnStt 86*1 .£82068*87) 

London Entanakananis PLCOrd 2fb -275 
(IBSaST) 

Lorwfo PLC9% 2nd Mtg 0*P Stk 87*2 - 
MO (15Safl7) 

iadM toducMM PIC7B% UW Lit Stt 83199 

-£970 

105% lira Ln Stt 92*7 - £94 
Lyon A Lyon PLC Ore 25p - 203 068*87) 
MBS PLC B% Cm l/ln U Stt 1887 - £118 
2706S887) 

M.Y.HoWmg? PLC Did Ord lOp - 71 
MGAWmMfred)PI£9%CumPif£1 - 
113K* (IfiSeflT) 

Macanle(Li)ndon) Ld7%% Una Ln Stt 88/BI 

- £63 

McCartny A Stone PLC 7% Cnv Um Ln Stt 
99*4 - £217 

Magnet PLC525% Rad Cun) PH £1 -72 
04SSB7) 

S£gs% Cm Cum Rad Prt 2012 £1 -92 
3% 

. Mangwim^Brofua Ktoga PLC8X% Cum PH 

Marks A Spencer P(.C 7% Cun Prf £1 -84 
10% Cum Prt £1 -.80 048*87) 

Maui Box PLC4S% Cum Pit Stt £1 -03 
04SaS7) 

10%% Una Ln Stt 92*7 - £»%♦ 
iGUWda tmesnaraa PLC 7% Cum Rad Prt 
£1 - 100% 

MtcMB Cotta PLC4 js% Cum Prt £1 -52* 
30% Cum Rad 2nd Prt £1 -45tt 
Ucmsanto CoCom Stt 32 -391%01S*B7) 
Mount Ctarton* tma at menta PLC9%% Cm 
uns Ln Stt 95*000 - £800 
Nofl^Spnncar HMga PLC DM Ord lOp - 

Nawronjawmbara A Co Ld6% laf Cun Prt 
£1 -20 (168*87) 

NmaPLC7%-A'CuaiPrf£t -04 01Sa87) 
10%‘B' Cum Prt 60p - 4S (tSSe87) 

Nubia A Lund PLC B% Cm Cun Rad Prf £1 
-1545 

Nobo Group PLCOrd lOp - 292 8 
Norem PLC5% CUM Prt £1 -81 3% 
04Se87) 

Norfolk Capital Grotto PLC Maw Ord & 
(Fp/PAL -23/1 0/87) -40% 1 
Normans Group PLC8V% Cm Una Ln Stt 
89(04 - £122058*87) 

Nook Data ASCtosa -BTNon Vkd NK20 - 
£21 553 36% 

North Bnnsn Sual GreupCHldBi^LCCM 2Sp 
-4808SaS7) 

North MMtHid Construction PLCOrd lOp - 
110 

Norfhafn Engtoeartng Pnctostrtas PLC5J75% 
Cun PrtCl -87 048*87) 

8%% LM Ln Stt 80*3 - £87# 

Nontam Fooda PLC 7%% Dab Stt 85/90 - 
009 

Norton Optk PLC5V% Cm Cun Rad Prt 
2002 £1 -899100 

0«var1Gaorge)7ootwea>) PLCOrd 2Sp - 
406# 

Ortnam* Mamatiuta SAWanama to abb tor 
Shs of NPV - 125 (t4S*87) 

DabomfSamuafl S Co Ld7k% Dab Stt 93*8 

- £74 (i4SaU7i 

Pal CorponutonShs of Com Stt SOJS - 
£1930 

Parker KnoM PLCOrq 2Sp - 895 0 ISaBT) 
PwkOato Group PLC 7% Cun Cm Rad Prt £1 
-395(153*87) 

Parkland 7axt0a(H>dgs) PLCOrd 2Sp - 210 8 
(140*87) 

Paterson Zochonls PLC10% CumPrf £1 - 
120(1BS*87) 

PaMs PLC6V% Deb Stt 85*0 - £89% 
018*87) 

P intiw LaburetfUgaPLCItiP - 1608670 
panon PLC 0075% Una Lit Stt 88/83 - £70 
fl.975% Una Ln 81k 88*3 - £78 
B2S% Una Ln Stt 88*3 - £90 08Sa8n 
10%% Uns Ln Stt 93*0 - £95 0BSaB7) 
Pantos PLC DM Old 20p - 327 06Sa87) 
13H% Cm Uns Ln Stt IBBOtSedaTA 1 ) - 
£215 06Sa87) 

P«zar Inc Cun 90.(0 - £41% 3 60% 88 


06Sa87) 

ptfcom PLC 8% Cun Cm Red Prf £1 - 
187# 

PMtard Garnar PLC9%% Cum Prf £1 >115 
(11067) 

Plasaey Co PLC7%% Dab Stt 92*7 - £83 
Powea Duftyn PLC4«% Otrni Prf SOp - 22 
04Se87) 

Press TOQtS PLC Old ltd - 01620 
PrtraUUartam Hon PLC8K% Cra Uns In 
Stk 2000*3 -£138# " 

Ptasra Moat House* PLC10K% let Mtg 
Oeb Stt 2020 -£8i* 

OuteifaiJ.) Group PtC 10% Cun Prf El « 
1l0(i&Sa87) 

RtAHUta PLCWampototybforiCtal- 

'imLcumPrtet -W05Sa87i 
BJR Mabtoeo IncStaaf com Stt NPV - 

389% 048*87) . 

RPH Ld4%% ura Ln Stt 20OM9 - £38 
018*87) 

9% Uns Ln Stt 99/2004 -£82(158*87) 
RecalrChtab LdB% Uns Ln Stk 82*5 - £83 
, (146*87) 

Rank Organtoafton PLC8%% Qan W £1 - 

8% 2nd Cun Prf £1 -72# 

6»% Ura LnStt 90*5 -06 
10%% Uns Ut Stt 07/2002 - 02 
Ranks Hovta McDougal FiCB% Cun *A" Prt 
£1 -55013*87) 

6K% UnsLn Stt BS/88 -£824% 

S*% Una Ln Stt 80*4 - 188# 

8K% Ura Ln Stt 91*5 - £88% 
BatcNtaKbaat Bridgs) PLCP% Cum 1st Prt 
£1 -57048*87) 

Ramflcul taumaHoral PLC5%% tad Cun Prt 


£1 -50% ll5Ga87) 
MkM A Cognan PLC 


PLC0%% Dab Gtt 85*0 - 
3 PLCOtd 2Sp - 380 


Raad intamattorai PLC8% Cum Prt £1 -45 
■ 05So&7) 

7% CUB Prf £1 -81 
7%% Rad Ura Ln Stt - 05 0 l6o87) 
7%% Una Ln 8tt 96/2001 - £72018*87) 
10% Urn LnStt 2004*9 - £90 2 5 
RanoU PLC6% Cun Prf Stt £1 -53 
7%% 2nd Dab Stt 92*7 - £77% 045*67) 
6% laf Dob Stt 91*6 - £80 056*67) 
Raxmora PLCi3«(N«i)Cm Cun Red 
Pi1#1i92) £1 -a«04SeS7) 
ndtardsPLC4%OnPM£i -33065*87) 
5%% Cum PM TCP -34% 04SaB7) 
Rqbinaon (Tltomas) Group PLC7% Cun pm 
Rad Prf £1 -£1506fie87) 

Rqctar are Group PLC7.7% Cum Onr and Prt 


7% tat Mtg tab Stk 88*3 - £82 068*87) 
8% Ura Ui Stt 86*8 - £70 0 ISaBT) 
Rafls-Hoyce PLCOrd 20p - 197 7 8 8 601 9 
9 5005%% 200 2001 1 
RapnorPLCl1%% Cbm PrtCl -135 
Routt PLCB%% Cunt Prt £1 - 116 06SeB7) 
Rowntroe PLCMtarants u it# tor Ord - 
£780# 

6% 1st Cun Prf £f -S201Sflfl7) 

7% 2nd Cum Prt £1 -67%01SaB7) 

7%% 3rd Cum Prf El -6B06Sa67) 
RubMOid PLC10%% Uns Ln Stt 80*6 - £96 
045007) 

Rugby Group PLC 6% Ura Ln Stt 93*8 - 

RuaaaO(AtoandBrt PLC0J8K Cun Cm Rad 
Prt-lOO0SSa87) 

Button A Hontaby LdBH pab Stt 07*2 - 
£87 

S A U Stores FLCWttrerta to sub tor (M - 
117 

STC BnematSonU Computers Ltf6% Dab Stt 

Satthf A^^CoplreKi Cm Una Ln 
Stk 2016 - £148 9 % 

. SalrabwyfJ) PLC7%% inMtgDab8tt 

ra)Md ^ £70% 04Sam 

Bafresea (Christian) PlCA 6% Cun PH £1 - 
705* S%T (14SO07) 

Sndareon MutreyAEMerfHUaa) PLCOrd 
-100 

poararorfle (tags PLC5.75% CW Own Rad 
Prt £1 -2ZD4 05Ka87) _ 


ESaniSsST) _ 

GctwrtnB AGStia of DMSttlOO 61008 (QM 

" 51) -OMeOl 605088*07) 

Scotrs Rratxupnt PLCOrd 12»p - £11% 
00Se87) 

8aars PLC7K% Com Prf £1 -BS04Sa87) 
7% -A- cum Prt ei -62 
7%% Ura Ln Stt 92*7 - £?7 
SaareJtoabuA A Co Shs of Con Stk SQ.7S • 
*34-91 

Sititar Group PLC7%« um Ui Stt 2005(00 
-£G0# 

Sbdw PLC7%% Oun Prf £1 -660BSa87) 
000 Grotto PLC3.t5% Cun Prf £1 -08 

Sta^Sy^LCA2%CuaPrt£l -ISO 


Sn# A NaphBW Assoctotod Ota PLC5%% 
Cum Prt £1 —SO 018*87) _ 
Sntth(W.)i)A Son^idgg) PLC*B" OrtTlOp - 

Stt 87/82 -£880<Sa«7J 
5Ji% Rad Uns Ln Stt - £42 
S^jK^iSsffiaiWraup PUCfflfc Cum Prt 
K1 - K044 055*87) _ _ 

1011% UM UI 8tt 75*5 - £84 06Stf7) 
Gpono HMaa PUJCnv Qua Red Prt 2flp - 


7%CnvOunR*dPrf£1 -1S801M7) 
Stag FurnitunHMg6 l PLCii% Cun Prf £1 - 
11526 068*07) 


;jjVPAL-®“»aS7) - ISO (163*87) 

Slaad A Simpson PLCOtd 2Sp - 070 

8Wtav^C4%% Cun Prt £1 -43 
6%% Dab Stt 85*0 -£89 * 

Stortng induatriw PLC1H Prt(5%» CumfEI 
-4?04£*67) 


SomhaM9aPLOiQ%%CbaPrt£t -95 
105 (i6Sa67) 

Storahotaa PLCt%Cm DM 14 Stt 1992 - 
£227309 

SUMKaAtoaivnn PLCWttflflB M «*> «# 
Ord -95 

9.1% Rod Cum Prt ff - fOO# 

Sutar PLCDto CM 60 - 996 0SS*67) 
Bw*n(Jorinl A Sons PLCOrd 2Sp - 47S 500 
06Sa87) 

Swnonds Engineering PLCOrd So - SO 2 
TAN PLC 10.1% Mtg Dab Stk 90*5 -£93% 
0BS*87) 

TDK CorporaaonSK of Com Stt Y50 - Y56 
Tl Group PLC 56% Una Ln Stt 89*4 - &2X 
0 lSe87) 

7.7% Una Ln Stt 89*4 - £81 
9%UnaLn&ttB9*4 - £86048*87) 
Tarmac PLC6K% Oab Stt BB/94 - ESI 
(115*67) 

8fc% Una Ln Stt 90*5 - £83(118*87) 
Tam A Lyta PLC 5%% Cun m Gtt £1 - 87 


B% Uns Ln Stt 2003/OB — £71% 

13%% Cm Uns Ln Gtt 94*9 - £375 7 
06Se87) 

TatoWdon South PLC 10% Subord Cm Uw 
LnStt 1997 -£278# 

T*Mos HMga PLCwarrenta to sab tor Ord - 
88(143067) 

9% Cum Pitn -110# 

Taeco PLC 4% ura Deep ok Ln Stt 2006 - 
£45% % «■ % 

Tax Hokkratr PLCOtd top - 16873 
Thomaon Oramtmttan PLC 663% Com W 
£1-723 

21 .7% Cun Prf 2Sp -88 
7K% Una LnStt 87*2 -680 045*87) 
THORN EM PLC Warms id aub for Ore - 

2 a# 

S% Ura Ln Stt 2004*9 - £47 SO 
Dtyaaan AgCtftr Dnrtogad by Wamktstar 
Bank) -6751156*67) 

Tttng(Thoraai) PLC6% Oeb Stt 65*0 - 
£91% (14Sa87) 

6%% Ura Ln Stt 69S4 -£66 8063*67) 
Ttoxkto Group PLC1 1 %% Ura Ln Stt 91*6 
-E»04Se87) 

TCagnur Jute Factory PLCOrd Stt £1 - ISO 
893 210 5 20 5 35 

TomkfnsfF.H.) PLC9K% Cm Ura Ln Stt 
1694 - £315 1163087) 

Toetal Group PLC6% Cun Prf n -43 
063*67) 

7%% Dab Stt 65*0- £89% 045*07) 
7%% Ura Ul 5tt 89*4 - £80 2% 

Towles PLC OrdlOp -2305 
-A" Non. V. Ord 1 Op - 1535 58 
5% 'A* CumPrf 5Ck> - 22 (155*67) 

8% IF Pta Prf 50p - 42 U5Se87) 

Trafalgar House PLC7%% Cum Prt £1 - 
63% (165*87) 

7% Una Deb Stt £1 -6O0TSa87) 

9Vi% Uns LnStt 2000*5 - £83058*97) 
10K% Una lit Stt 2001/08 - £95 05S*87) 
Transport Davatoomam Group PLC4J2% 

Cun Prt £1 -547 

6%% Ura Ln Stt 99*4 - £82% (143*87) 
Tranwooa Group PLCWarranta to sub lor 
Ord -27930 

Ttafareat S/tt Prsttore UJB% Non-Cun Prf 
£1 -5801S487) 

Trinky MarrudoaM HMga PLCOnKUm 
VtgJStt SOp -885 BO 
Trutmauaa Form PLCWarranta to sub for 
Ord -71# 

7J8% 1st Mm Dab Gtt 88*1 -£83% 
fllSaflT) 

105% Mtg Deb Stk 91*6 - £90% 

(16SaS7) 

9.1% ura Ln Stt 95/2000 - £82# 
UrtoataPLC47%CUnPrf £1 -530SSeB7) 
5%% Deb Stt 83*8 - £83% 0SSa87) 

79% Dab Stt 86*1 -£98 
0%% Ura Ln Stt 91/96 -£72 4 5% 

B%% Ura LnStt 92*7 -£72(148*67) 
Unigroup PLC 7%% Cun Cm Red Prf El - 
1680 ISaBT) 

UMewrPLC7%litCumPif StkEI -64% 
0B0e87) 

5%% Una Ln Gtt 91/2006 - CM 
7%% Ura Ln Stt 91*006 - £73% 4% 5 % 
«6 

Union tntamattonal Co PLC0% Cun Prt Stt 
£1-52 

7% Cum Prf Stt £1 -88 
Untan Steal Cup(of South AfttotyudOnl 
R050 - 10 013*07) 

Unhad BtaaitatHHW PLCWarranta to aub 
lor Orp 0882H - T70 
0% Dab Stt S3*8 - £82% 0GSO07) 
Upton(E.)A Sons PLCOrd 25p - 115 
Vamona VMa PLC40S% Cum m £1 -67 
sen. Cum Prf £1 -69068*07) 

78% Dab Stt 84/89 - £92 018*87) 
Vickers PLC 5% Cum(T«x Am T O 30p)Prt 
Stt £1 - 83 04Se87) 

Vbkro AB*B* SK2S(Non naaWoad) -£84% 
64% £4% 04% 04% 64% 64% 04% 05 
8X412 

WB Industries PLCOrd lOp -62 
1MCRS Group PLC 55% Gw Cum Rad Rrf 
1989 lOp t IBS (1SSa87) 

WWkttMlfrad) PLCB%% Cum Ciw Rad Prf 
£1 -435 06SaS7) 

ItaBur A Staff Hklra PLCOtd Sp - 193 
063*87) _ 

Waator(Thoniaa) PLCCM Sp - 80 
Waroer-Laratart CoCom Stt 31 ~£SO . 

05 Sp07)-. 

Wawfere Gtaas Group PLCOtd M0J)6 (top 
Watortotd Wedgwood) - 1157 
Wavartey Coparon PLC(kd 2Sp - 280 
(163*67) 

Wttto ia w PLC New Ord Bp FP/PAL-2B/9/87) 
-56 6% 

Westland Grout PLCWarrants to sub tor On! 
-70 

7%% Cm Cum Prt El -15981 
7%% Dab Stt 87*2 - £89# 

Whtta cro tt PLC 4.1% Cum Prf £1 -51 
Wlgtate PLC 7% Cm Ojto Rad Prt El -180 
WaotoombanKHkigs) Pt£7%% Cum Af Stk 
£1 -85 086*87) 

8% Cum 2nd Prt Stt £1 -S2(14Sa87) 
XeroM CorpCom Stt 31 -E48%379% 
046087) 

Tout TmarHMgsPL010% Cun Prt £1 - 

136(14Se67) 

Youghaf Casp«CHldgs) Ld7%% Qan Prt 
k£1 -12023 055887) 

Vida Catto A Co FLC1 1 %% Cun Rad Prt 
1999/2003 £1 -125(188*67) 

ZatMTO Utauni PLCOrd lOp - 158# 

Financial Trusts, Land, etc 

No. of bargains InckjaaOBBI 
American Espreas CoCom 8L0O - £22% 
(IGSeST) 

Armour Trud PLC 10%% Un* Lp Stt 91*9 - 
£89(140*07) 

Aaeet Trud PLCWarranta to aub tor ore - 
99 

Authority kwaskra nta PLC 8% Cm Ura Ln 
Gtt 2006/11 -£258 068*87) 

Bailie GHtofd Taomotogy PLCWarranta tp 
sub tor Ord -29 

Britannia Arrow MdgsPLCIMs To Supacrtoe 
Mr Old - 120(168*07) 

6%% Cum Prf £1 - GO# 

Close Brothers Gropp PLC New Old 25p 
(Fp/PAL-2S/9/B7) - 245 (153*87) 
Cbmpagnie G*nca/m&A.FF100GB0 -FR740 

0BS*B7) 

Dttgr m m A Qanetal Dt/af PLCOrd 5Qp - 

Gtttibugh F lnan ctal Trust PLCWarranta to 
sub lor Ovtl —42 4 
Em taration Co PLCOrd Stt Sp- 236 
FAC Bmarprtse Trust PLCBarB Warranta 
to sub tor Old - 17 

Ft^uw^tattHdMdgsFLCCkd Nto “189 

FtamUngcn Managed PordoBo LdPtg Rad 
Prf ip - 90% 4.7 043*67) 
aTJtaa(SiarHnsSFuDtl LdPtg Rad Prt Ip - 
EIUIOIGM') 

Gowett High Income Qtt Fund LdPtg Rad Prt 
Ip -43j9(lSSa87) 

OuinnMS Ftital OoMI Strttav FdPtg Rad 
Prf S&D1(Euop*an Raid) - 87829 
04Sa67) 

Home Federal SovkntCLp*n AsaocSIS Of 
Com Stt SOOl -&0%# 

HEtt Qtatnri Rants LdPtg Rad Prf 
KL01(S*wftog Shaf - £f&£S05SeS7) 
PtoM^Pri SLOltabmagad Shi) - £1&59 

totawap® .BjC 5%% Cum Rad Pri 90*2 £1 - 

ijjg - 

9% Uns Ui Stk 87/90 -£09 045*67) 

12%% Una Ln Stt 93*6 - CHB% 

04SaB7) 

frean u arm N Cky Htora PVC8%% Cm Cun 
. Rad Prt £1 - 143# 

JF Padflc Vfttrwt Co SAORf |2 (Br) - £80 
Prt S2 (Brt - £24 

Koraa-Guopa Fund IdGM 30.10 - 331 JB 
SnspOR to Br) kOulO -ttWPZSp 
UHA ektanda Jaraay GK Fund La Pig fletf 
Prf Ip -204 

MaMta Saraec Ityptomonta PLCWarranta to 
si# tor Ord -480SSeB7) 

Marcantte Haua* HMta PLCVartabia Rata 
Una Ul Nta 84/89 -07% 058*07) 


Shs of NPvgucAmre - 172 018*67) 
lanuy Setacnd ItadSha NPV Ootai 
FUk^RaO) -S54.44 
Sha NPVGtoMI Rmd(Br) -£026002 


mis NW European FundlReg) - E13A468 
142905 14JH306Sa87) 

Mezzonlna CapBaiUno TaL 2001 RjCtnc Shs 
El -172065*07) 

NALC. In ra. tu i to r P LC Warran ta to sub tor 
Shs -165 

Practtai kw e dt unrt Co PLCOtd lOp -98 
048*87) 

Rothachid(J.)Hldga PLCWtamb to nit tof 
Old -118 

Save & Prosper GoM Futd LdSOJrt - 


Schroder PorUpBo SatopOon Fd LdPtg Prf 
SOOHAmartaan Raid She) - SlSM 
04S*67) 

Pta Prt MSIttoimsa Fund Shs) - 340% 
04S*B7) 

Second Market tovesbouit Oo PLCZ%% Cm 
UIH Ln 6tt ISM - fffl 04S*67) 

Ship Monrag* Roane* Oo PLCftfc Rad Dab 
&k *1*3 -£04058007) 

Singer ARtodtandar Group PLCOrd 10p(Ex 
Rts) -103 3 4 7 8 

NgnrOfd 10p(Fp/PALHSS/1O(87) - W7 


taw Ord 1ft> (N# Pd-10#87) - 0% % % 

055*87) 

Satai New Court PLCWkmults to tab fcf 
Ord -938 

■12% SuPottf ura LnStt 2001 -295 
Sna Inwnimanb PLCWarranta to tub tor 
Old-75 

Trmcroraaoannl Sarvtaas Group RV 

VMua A Income Tn« PLC0K% Cum Cm 
Rad Prt £l - 150% (155*87) 

Vanbrugh Currency Fonc LdPpg *A* Rad Prf 
Ip -174.0 (iiSeST) 

Pig , C Rag Prt ip - t?4.l (i*W) 

Insurance 

No. of bargs/ta mctuead71S 
Alexander A AJOJianoar servtcra tncSta of - " 
Clare C Com SR St - S25* (l6Se67) 
Contmaroal Unton Assuronu Co PLC 5% 
Cub Rad Prt 89/2009 £1 -53 
EoOMaracai repps plcis% oeb Stt 2018 

- £117 nssesn 

Oonarsl Acc RreALlfe Assc Corp PLC7%% 
Ura LnStt 87*2 - £96% 7 088*87) 
Guardian RoyaExtaange AasurancePLC7% 
UnsLn Stk 86*1 -£82 5 6 
Standard Uto Assuranra Co 5% Parp Stt - 
£31.14 0lSe87) 

Investment Trusts 

Nft d togam Included 8B4 

AHanoe Treat PLC4% Prt Stt (Cun) - £36 
(IISaST) 

4K% Prt Stt (Cum) - £41% 0 ISaBT) 

S% Prt Stt -£4O0tSa87) 

American Trust PLC5% Cum Prt Stk - £47 
045*87) 

AusHta tnvasunent Trust PLCA warrants to 
sub tor Qrtl - 38 0SSaB7) 

BaBe GKtord Shfci Mppon PLCWarranta to 
lor On] -40 

British Asssta Trust PLCA" 5% Prt SttfCUM 
-e«7% 

Britten Emp/ra Sac A Ganerai TruBt10K% 

DoO Stt 2011 -£ai%04S*B7) 
CNdHeaBhRasaaroh to* Trust PLCOrd 10p 

- 58 04Sa67) 

Dm Divestment Trust PLCYUB to 
SubscAM lor 1 1nc A 1 Cap - 80 06SaB7) 
Drayton Consofepasad Trust PLC2J% Cum 
rtt Stt -£39 0*5*67) 

35% Cum Prf Stt -£47 048*87) 

Drayton Japan Trust PLC*% Prt Stt - £38 
EFM Dragon Trust PLCShe wnh 
Warraro(FprLA-1 1H2/87) - n« 2 
Ednbmgh Amarcmi Assets Trust PLC8% 

Onv Subord Ln Stt 73*8 £1 -990 
Edinburgh Inv est me nt Trust PLC3£5% Cun 
Pfd Gtt -£48% |i«SeS7) 

11%% Deb Stic 2014 - £103% (14SO07) 
EngBsh A imemaSortal Trrat PLC5%% Cum 
Prf £1 -SO 

10%% Deb Stt 2014 -ES7 
FA C. Raotrust PLC5«% Cm Ura Ln Stt 
1996 -£225(1 1Sa87) 

FA C. Pacific investment Trust PLCWarranta 
M sub tor Orel - B8 

First Scottish American Trust PLC3%% Cun 
Prf Stt -£*5(11Se87) 

11S% Oab Stt 2018 -£102 W. (148*07) 
First Spanish bur Trust PLCUmta 
(F p/LA- 25/9/87) - 109 
Hanng Far Gastam Im Trust PLC 5% Cum 
Pll fi - 51 065087) 

HecUng Mercantile bw Trust PLC3J% Cun 
Prf Stt £1 -45 51 0lSa87) 

4K% Parp Deb Stt -£9O0iS*87) 

Ranting Overseas bar TtuU PLC6% Cun Prf 
£1 - fiOK# 

Gerran Securities fm Trust PLCOrd £1 - 
1102 

Barman Smtaer Co s toy Trust PLCWarranta 
to Mb tar Ore - 96 055*07) 

Btob* bwastmant Trust PLC 10% Dab Stt 
2018 - £91% % 2 % % 

11%% Cnv (jnsL/1 Stk 90*5 -£407 
Goivb Sntsgic tor Trust PLC9%% Deb Stt 
2017 -EB9%# 

10%% Deb Stt 2018 - £92% 3 
Gnenfrier Imantram Co PLC Warfares to 
*ub lor Old - 880 06Se87) 

Hanfero* Investment Trust PLC8%% Cun 
Prt Stt - £34 01Sa87) 

5% Cun Pit Stt £1 -48 
Investing to SuecaarGqutiias PLCWarranta 
* to sub lor Qrd -B3 0SSe87) 

Law Debemue Corp PLC4% (bid Dob Stt 
79/88 - £84% 05Sp67) 

London A St Larauioa ki raM mem PLCOrd 

Cbm Prt Stt gf - 

48016*07) 

Moorgato Imm aa mmt TVust PLCWurortts to 
aub tor Ord -79# 

MukHruM PLCWarrants to ettii tar Qrd - 28 
Now Parian 01 mat PLC Warrants to aub 
tor prd -18 

Near Thr ogmorton ThntfiS83) PLC 12.6% 

Dab Stt 2008 - £108 0lSaB7) 

Now Tpfcyo Investment Trust PLCWarranta 
to sup tor Onl - 88 (18SBB7) 

North Adamic Securities Coro PLCT%% Cm 
uns LnStt 95*8 - £429 045*87) 

Nortnarn A/n*npan Dust PLC3%% Cun Prf 
Stt - £45 

Oceana Davatapmanilm That PLOSfc25p 

- R154 p £70% 088*87) 

Ptanwton Trtut Co PLC7%% Cnv Una Ln 

Stic 2000- £112 

Rhpr Ptoto A Gan krvast TruM PLCWamrta 
toaitiftarOM -275# 

SooHiah Odes tovTruatnjCOrd Stt 2Sp - 
745086*87) 

Scottish Eastam In* Dust PLC4%% Cum Prf 
Gtt -£4O04Sa87) 

9%% Deb Stt 2020 (Fp/AL-8/10(87) - 
£88#%# 

Scretiah tovoatmam Dust PL£&5% Dsn Pfcl 
Stt - E4405SO67) 

458% Cum *A' Prt Gtt - £58 05SaB7) 
Scottish Notional Trust PLC B% Cun Rf£1 - 
57% 05SeS7) 

10% Dab Stt 2011 -E91%#2# 

Second Afimncs Trust PLC4%% Cum Prt Stk 

- £41 04Se87) 

Sacurtoas True* of Scotland PLC 12% Deb 
Stt 2013 - £106% OBSaBT) 

Shkaa tovaatment PLCWarranta to aub for 
Ord -72(15Se87) 

TR Auotntita tovaaanant That PLC Wn To 
Subscribe tor Ord - 816 0*8*87) 

IR CHjr of London Trust PLC8% Nan-Cam 
2nd Prt 9* 21 -84053*67) 

TR todusblal A Ganerai Trust PLC10% Oeb 
Stk 2016 -£92% % 

TR North America kw Treat PLX»% Cua Prf 
£1 -42(11So67) 

TR PacHto Beam tov Truta PLCWta To 

Subscribe tar Ord - £102 10% 008*87) . 
4»%Cunprf£l -43018*87) 

TO Trustaea Corp PLC4%% Cue Pri Stt - 
£40 045*87) 

10%% Deb Stt 2018 - £94% 048*87} 
Temple Bar Investment Trust PLC 6% Cm 
Ura Ln Stk 2002 - £104 085*87) 

8% Dm Un Ln Stt 2002 (F)UPALr£1/Bfi7) 
-£103% 4 

Throgmorton Truet PLC7%% Cun 1st Prt a 

- 03 045*87) 

12 5/18% DtbStt 2010 -£1006% 7% 

Tor Investment Trust PLC4%% Cum Prt £1 - 
44 

6% Cun Prf CJ -55% 

Irtouw to reatmant Trust PLC 9%% Deb Stt 
2OT2(E30Pa-en0ffl7) - £24% 06Se87) 
Updown towamiBm Co PLCOrd 2Sp -361 
015067) 

vantage Secuttes PLCWarranta to tab lor 
Ord -190 

Wtorn knwatment Co PLC6»% Oab Stk 2016 
-£78% 04Se87) 

Unit Trusts 

Np- of ea/gtans kKtutad28 

MLA G American SmUMr Co - * Funplnc Uttta 
-592 066*87) 

Accun Unhs - 59JI 0 18a87) 

ALA GGoM A General PundAccun UnOa - 
93£(1G8e07) 

MJL G. Intama a o nef kiootne Fund toe Unka - 
758 

Accum Unjta - B1 A 056*87) 

Mines - Miscellaneous 

No, of baigaku inctodad377 

Anglo Un/ead PLCCm Red Prf lOp - 106 
Ola/cttiTtaCoPLOOp -72 QBSaB7) 

Botswana RST LdPuS - 82 
Xtoraafidatad Gttd Ftakb PLCS%% Ura Ln 
8*67/88 -£78043*87) 

7%% Ugs Ln 8*1 99/2004 - £71 

0%% Ura In Stic 88/93 -£85056*07) 

Da Batra OonsofitHaad Mtnas LdDM 
mseUfir) (Cpn 80) - $15% 152 16% 

6% Cum 2nd Prt R1 -80G8aB7) 

B OTO MnktoBEr's&rUtan Co PLCOrd T(# - 
430(158*67) 

M^^Coppar Mtoaa Utore Stt CZi - 6 

*nS Corporation PLCOrd 25p(Br) (Cpn 86) - 
} 13^1325141425 9222 22% 

i ■CMrSaUi^teaf-gga 

Mines - South African 

No. Of bargains IndudedSa 

c rew i ai ton Sytxkcata LdR02S - oo 04Sa87) 
Ganerai MWng Union C o rporation 65% Var 
■ Comp Onv cun Prf R020 - £8 
JWMtom Deep LaveiiLil Option to Sub lor 

1 ore -E1201S987) 

Qll Na ot hargalas toctudad 1492 


'Atiania b it a maUunN LdCom Sna of NPV - 
72 3 7 016*87) 

#OM Udge PLC 10% 2nd Cum Prf 25p - 10 

01S*V) 

3% Cm »id Mtg Oeb Stk 1969- £60025 
" 71» 

Brttiah Petroleum Co PLCWarrants to 
puchaaa ADS - $17% 01Se87) 

9% Cun 2nd Prf £1 -S1(14Sa57) 
Sunrab 09 PtC7%% Cun Red Rt Stk £1 - 
■ 68)) 

8% Cum Prt Stt C! -T4%05Se8T) 

Cttor Group KCOid SOp - 458 70 2 2 4 5 7 
Condbal HoftUngs PLCOrd SOp - 3100 
OameonOti Corporation Shs of Com Stt 

$040-20(118*87) „ 

Ooma Patrotoun LdCom an of NPV - 02 

045987) 


ELF UK PLC12*% Ura Ln Gtt l»1(Heg) - 
£ 102 % 

Great Western Resources toe Sha of Con 
Stt NPV - 210(155*87) 

HngstOfl CM A Gw PLCOrd sop - 128 3 
Mood Carp Shs Of Cam Stt 92 - S*5%# 
Sure TransportATradtapCo PLCOtd Sna (80 
2Sp (Cpn ITS) - 1324 
S%% 1st PrtCCumjEl - 49 
Texaco bnamattonal Financial Corp0% StigfS 
Cm Gtd Ln Stt 61/99 - £90 
Tottf-Cornpegrue F ranca ga DssPOMHH *8* 
ShaFR50-FR422#42fi# 

Zapaia CorpCom Stt 90S -SS%04Se87) 

Property Ngoftarpams inckcadllSS 

Aaeta Property HMga PLC5%% Cm Cun 
Rad Prt £1 -120 

Atianoc MatropoHan (UK) PLC 12% Cm Ura 
LnStt 91/97 -£lt405Sa87) 

Bamuton HMga LOBK% Una Ln Slk 2002/07 

- £75 056*67) 

Bosoomba Property Co LdS% Cum lot Prf 
£1 -40t(14SaB7) 

Bradtard Property Tno* PLC 10%% Cun Prt 
£1 - 131 2 (14S*87) 

Brttarmt* Group PLCOrd 5p - IBS 8 
British Land Co PLC 10%% Did 1st Mtg Deb 
Stt 2019/24 - £95 

Brttton Estate PLC 8% lat Mtfl Dab Stk 
63/88 - £88 (165*67) 

9% 1st Mig Deb Stt 92/97 - £93 
950% 1st Mig Oeb Stt 2028 -£84%# 
5%# 

Capital A Caudles PLCNawlM25p -400 
B%% 1st Mtg Dab Stt 95/2000 - £71 K 
fiSSeBT) 

9%% Uns Ln Stt 91/96 - £91 »♦ 
Chostortatd Proparbas PLC52S%(Ndt) Cm 
Cum Prf £1 -99%% 100 
City Sue Eswm PLC 10% Cm Cum Red Prt 
20p - 175 04Se87) 

7% Cnv Uns Ln Stt 2005/08 - £128 
CoknanfEJUaottwacimants Ldfl% In Utg 
Daa Stt 87/82 - EBO* 

8% Uns Ln Stk 91/96 - £80 05S*87) 

Dsros Estates PLCiOV* in Mtg Deb Stt 
2012 - £90 055607) 

Eswbb Property ta ve ai mem Co PLC7H% 

Lins Ln Stt 89/92 - £82 (115*87) 

Great Portland Estates PLC95% 1st Mtg 
Deb Stt 2016 - £87% 

Braen Property Co PLC Ore K02S -Ki.7p 
150 

Greeittaven Secuttea LdG%% 1st Mtg Deb 
Stt 03(88 -E96 

Greycoat Group PLC 1255% Ura Ln Stt 
90/92 - £102%# 

Guadnaa Property Co PLC6%% let Mtg Dab 
Stk 90/95 - £75 01Se67) 

Hanunerson Prop InvADav Cup PLCOrd Z5p 

- 680 

Land Securities Pl£B% 1st Mtg Dab Stic 
88/93 - £85H 04Se87) 

7S% 1st Mig Deb Stt 91/96 -£81% 

9% 1st Mtg Deo Stt 96/2001 - £88 
10% 1st Mig Deb Stk 2025 - £92% 

8»% Ura Ln Stt 92/97 - £85% 

Law Land PLCB%% 1st Mig DeD Stt 8904 - 
£80 0 ISaBT) 

London Shop Property Trust PLC3JS% Cum 
Prt £1 - 52 (14Se87) 

Lynton Property&Ravaratarnay PLC 10%% 
lstutg0ebEtt2017 (£3QPd-7n/88) - 
£23%#%# 

MS>C PLC5%% 1st Mtg Deb Stt 84T89 - 
£89% (11SeB7J 

9%% 1st Mtg Deb Slk 97QDQ2 - £81 2% 
01Se87) 

12% 1st Mig Deb Stt 2017 -£107% 
(1fSaB7) 

8% Uns Ln Stt 2000flS -£75 
8%% Cm Uns Ln Stk 95/2000 - £168 

Cap20p -177 018*87) 

Mertn bnematiotui Preparties LdOrd 25p 
(Ex R/gfttt) -260 
Cum Rad Cm Prf £1 -140 
MuckiOw(A-A j.jGroup PLC 7% Cum Prf £1 - 
60 06SeB7) 

Peachey Property Cm PLC6%% let Mig 

9^b f^Dsb Stt 
2O15(Fp/AL-Ll0«7) -£85% 05Sa87) 

Peel tedps PLC 10% Cum Prf SOp -63 
5.25% (Net) Cm Cum Mon-Vtg Prf £1 - 
119 

Property Security Inv Trust PLC8% Cua Prf 


Property Security few' 
£1 - 100(116*07) 


Regis Property HtdgsPLC8%% Gtd Una Ln 
m 1997 -£82»05SeS7) 
ftaUtie Properties PLC25p - £18 17 18 
0*3*37) 

Roaahaugh Qrayooat Estaan PLC11% 1st 
Mtg DaP Stic 2014 -£98% 

Rush A Torofttkw Group PLC 75% Cnv Cum 
Red Prf El -155 053*87) 

Samuel Properties PLC 11% Id Mg Dab Stt 
2016- £88% (IBSaST) 

Scottish Metropolian Property PLC 104% 

1st Mtg Dab Stt 2018 - £92 K 05Sa87) 
Stewart A wigy PLCOrd £1 -£31(188*87) 
Tbwn A Ota Propertias Ld8% Ura Ln Stic 
87(99 -£76% 015*57) 

Hues Ctty of London Propertiaa PLCOrd 
25p -265 7 870 

Plantations . 

Wa of bantam* vrduded 95 

Angto-Eastam Ptortationg PLp12K% Ura 
LnStt 95/99 - £80 

OdUmion Corporation PLC DM 2Sp - 181 
018087) 

9%% Cun Rad Prf £1 - 100 % 

8% Cm Ura Ln Stt 1989 - £156 
Mdong Eatata PLCOrd Idp - 115 
fncta Kanrafh Kajang Rubber PLC 1 0p - £4 
Jitra Rubber Ptamatiora PLC Stt 1 0p - 65 
058*87) 

Narttorouui P tawa tia ra PLCOrd lOp -37 


R/vorvtew Rubber Eatataa BarhadSM 1 - OS 
(15SaB7) 

Stogapora Para Rubber Estates PLC Stt Sp - 
K(11S*57) 

Western OpoarsTaa HUgs PLCOrd £1 - 
640 065*57) 

Railways NftofbwgeiraincludedS 

Canadian Padflc LdOrd (tea UXnjfinaroh 
1 irana1)of NPV -C12%# 

1 4% Non-Cun Prt EStig NPV - 30 
Dshguerd A Rocstaro Rim A Hbra Co3%% 
GM Prt Stt - £30010887) 

Ontario A Cknbee Rakany Co 5% Perm Dab 
StkflM GM by C.P.) - £38 

Shipping No. of barowns todudfld238 
Gralg Shipping PLC*A* NoaV Ord B1 - 730 

(145*57) 

Pantosusr A Ortanbd Steam Nav Cp 5% Oum 


Ptd Stt - E43 0S8a87) 

warrana to puetusa Old Stic - 300 

055*87) 

3»% Dab Stt(P«ip) - £31 05SaB7) 
Turnbue Scot! Hokkngs PLC Non V.'AtM El 
-459(115*87) 

jUtiTltieS tto. of bnrgaina Included 247 

Barton Transport PtCDfd 160p - 800 
prtmd Channel Ship Rapairara PLCOrd lOp 

• -29 % V 3030 % 1 % 

Fefbcsmm Dock A Rattray CoPrt Units - 
. £946 

kniarcom BatosNPVJBr) (Cpn 57) - BFBG5 

• 916541167 04SO57) 

Kfaraey Docks A Harbour Co Combtoed Unite 
- TO TO 5 8 BO 2 S 90 3 5 400 5 10 2 5 A 
20 

3%% Rad Deb Sflt 79/89 - £80 01Sa87) 
4fS WEST Jnc Sha of Com Stt of NPV - 
£32% 015*87) 

Water Works 

raa. of bargatos IndudedB 


Boumemouih A Dtatrid Staler Co35%(FfiSy 
6%)Cans Ord Stt -£80058*87) 

Bristol Watanworta Co 
-®90 

35%(Ffmy surtax ore Stt- £90 
055*87) 

3J%4Fmly 5%*Cora FW Stt - £45 0 
potaa Valey Water Co3S%(FnRr 5%)Ord Stt 
- £122-1? (118*67) 

■A* 7%(Fidy 10%KM Stt - E244A$ 
01S#57) 

*C 7%^My 10%)Ore Stt - Cl 50 01SoB7) 
4S%ffmry 7%)Ord Slk - £171± 015*87) 
26%(nuy 4%)Cora Prf Slk - £87.7* 
01SB87) 

10% Red Dab Stt 98f9B - £91 %, 2 
.058*87) 

East woraesursNra Watarwotts Co 
' -£87(145*67) 

_ 12%% Red Dab Stt 84(90- £106 pSSeff) 


Stt - £31 

3£%CFmfy8%JPrfStt-a»06Sae7J 
Hartepoota Wtitar Co3J%(Fmy 9%)Mm Old 
. Stt - £105 (14Se87) 

4%JOrt •* “ 

£86.7x015 


- 4.9%<Fmry 7%)Oro Stt Cfcw* B - E158t 
(148607) 

. 4 9%(Fnily 7%)Ora Stt Class C - E169.4J 
(115*87) lD5(14Se07) 

3i%(Frrty fi%)0ra Stt - £88* 1211 
(11S*87) 

2.1%(Fm)y 3%)Prt Stt - ETZSt (115*87) 
3.5%4Fmly 5%lCDra Prt Stt - £1203* 
(IISaST) 

Sunderland A South SfnaWs Water Cp 
- £105 (14Se87) 

9$0% Red Deb Stt 1996 - £91% % 
05SeS7) 

West Hampshire Water Cp35%{Ffnly 5%)Ore 
Stt - £601 (115*67) 


_SM Appe 

NO. qt bargains inckJd 9 fl 2 i 3 Z 

Amsnt Wemaoonai PLC 9 % Qw (to» Ui Stt 

1998 -£ 245 <l 5 Se 87 ) 

Avasco PLC Cum Pig Qw Rea Prf 1997 ip - 

Btoraddl^Swnatioml PLCOrd 5 p - 
48 K 7 B 9 

Continents! Microwave (Mfes) PLCSJW. Cm 
Cum Rea Prt 2005 £1 - 1 Z» 

Corporate Estates Properttea PLCOrd 5 p - 
80 1 2 3 4 5 

warrams CD Sub lor Ord -MS 
Crarnphorn PLCOrd SOp -785 8 O 0 BS 6 B 7 ) 
Fergabrook Group PLC 12 % Cm this Ln Gtt 
92/97 - £122 (IBSaST) 

Gtot» Mew PLCOrd 2 Sp - 213 058 * 57 ) 
Goodhead Pmt Group PLC 7 % Qw Cun 
Red Prt £1 - 155 ( 155 * 57 ) 

Hornby Groi« PLC Orfl Bp -185 5 7 
Johnson Fry PLCOrd lOp - 157 % 85 
Knobs A Knockers PLCOrd lOp - 145 
(165067) 

Parkway Group PLC Ord 5 p - 252 5 
Pau/on international PLC 3. 85% Cun W Stt 
£ 1-447 

RKF Group PLCOrd lOp - 134 

RMn PLC 6125 % (Net) Cm Cum Rad m £1 

- 104% a 

Rocfcwood Holdings PLC New Ord lOp 
fFfi/PAL-S/tO/87) - 112 5 
Ross Consumer Bactromcs PLCOrd I Op - 
228 

Scenro Hldgs PLC 7 75 % Cm Cun Red Prf 
£1-190 (IISoOTj 

Stgmox cmamational PLCOtd idp - f 18 20 2 
3457 

Splash Products PLCOrd 1 0 p - 95 ( 15 S*B 7 ) 
Yetverm Invessnems PLCB% Cnv Ura Ln 
Stt 1997 jFp/PAL- 25 ^ 87 ) - £ 100 h# 

The Third Market Appendix 

No. of baigamfl incfuaediea 
emmex Mmaxnal PLCOrd 5 p - 87 100 
Medtrara PLCOrd 10 p - 155 
Warrams to sub for Ord - 102 06 Se 87 ) 
season Holdings PLCOrd 25 p - 1203 30 
UPL Group PLC New Ord lOp 
(Fp/LA- 1 8 ( 8 / 87 ) - IBS# 72 # 

RULES 535 (4) (a) 
Bargains marked in securities 
where principal market Is outside 
(he UK and Republic of Ireland 
Qootaffeis has not been granted in 
and dealings are net 
recorded In the Official list 
Aeon Securities 106 U 1 $ 

AM# Inds 298 328 29 30 2 
AttNex Hokkngs 50 

American Bank* Resources Corp Com NPV 
5 Z 7 \« S 36 V 8 £1705 £ 17-25 
Ampot Exploration U 5 01 / 9 ) 
Amsterdam-Rottenlam Bank FI 8 (L 354 > ( 1 SW 
Aaoa Foundation In* 75 ( 14 / 9 ) 

Banner Intis $ 24,958 
D ev er l j Enterprties $158 
Blade HOI Minerals 15 

CSF (TbooiKin-CSF) Frl 3288 308 1335 39 40 
45 SO 

Ceataor MHtingi Esplnwdloa S A 2 J 88 dfi/ 9 ) 
Central NonnunGaM S 2 J £8 $A 2 B 5 
Central Victorian Sold Minas 15 >z 9 (MTO 
Cherokee Snap $198 05 / 9 ) 

Churddl Rasuaces 708 

^ E SSffl,Si^7B0^8aiTC) 

DaMppon Screen Manufacturing Co Y 1050 06 / 
9 ) 

Dmehpmare Bask of Slngaprae $SU 584 067 

OtreMUOM) 

Cpoch M bring NL SAU 1 
Fraser Neave 3858 ( 14 / 9 ) 

Free State Gma Gold Mines ROJO $ 18 % 
Gearha rt In# $ 2%8 dl/ 9 ) 

Ge k aa a Sciences £14 
iGcomatab $AL564 05(9) 

GolcaMfai Minerals 578 06 / 9 ) 

GnMoa Plateau $A 0344 06 / 9 ) 

Gtridea Valley Mines 55 
Grams patch Mining 26 
Grpat Eastern Minn S A 0. 1 58 CUA) 
Creenbrnbes Tto SA 1 -Z 87 
Grouta BraxeUes Lambert BFr 397 S B 5 
Hang Lung Development $2328 $ 2 -05 0379 ) 
flK-TVB $MK 16.95 05 ( 9 ) 
lolli% Carp £1930 

Maker Carp SA 536 B 
forizan Padflc $A 0-535 
furtfir Rnourcu 68 70 0379 ) . 

iwlaclrie Solti NL Ord AS 030 (A$O 20 ) 30 
( 16/91 

tarttne Maliieson Finance Wnrnts 43 SH 5 A 5 
05 / 9 ) 

tones Mtofng ($A 020 ) 97 Ohm 
telgoodle Resources 15 
Cayttqne luteroatioeal $218 01/91 
Guta Sbflm Rubber 438 
Gtiim Malaysia Ord 42 

tutor Malaysia Ord (Matey Reg) SSUB 05 / 9 ) 
Malayan Credit 5 S 356 ( 11 / 9 ) 

Miaysian Airline System SM 5.725 05(91 
Matsushita Electric Industrial $ 17 % 

McCarthy Grow R 10.9 05 TC) 

McPhcnons Old SA 1.75 ( 1 U 9 ) 

Mincorp Peuttieum $AO ^07 
IMltsubiaU Heavy lore 2748 Y 6508 Y 652 9 63 
70 

Mogul Mining $AO 50 
Moant Carrltigton tones 205 05 / 9 ) 
iManat Martin Goto Mtaes B 4 86 OA/ 9 ) 
National Electronics (Consolidated) 98 
taatiorale- M edertantieo CVA (Ft£ 5 ) FT 7 SJ 2 

• asm 

bilagM MMug SA 1468 06 TCI 
North Flinders Minas 685 04 / 9 ) 

00 Search 898 48 80 12 3 % 

OUmn I mists 28 40 06 / 9 ) 

-PaWtora Muring $1054 R 34 34 % 35 04 / 9 ) 
Pan Australian Mtofng SA 5-62 
PaacanaOM Petroleum £ 13 % 06 / 9 ) 

Pioneer Electric Corp Y 3205 
PtoujyRher Mining Co 128 12 04 m 

^pdHotets (Hldgs) 31 SH 350 

Stogapora Land $S 8.4428 04 W„ 

Bky Line Exptortn. Com NPV 675 700 
Soctote NattoaUa Elf Atpritatae FF 358359360 
361 

Source Perrier Fr 89 H 3988 05 / 9 ) 

GouttrweA Gold Mines NL 108 04 ( 9 ) 
fionare Gold Minerals 52 

homo Metal Industries Y 264 06 ( 9 ) 

Hong Kal Co 10538 OS 9 ) 

Hung Kal Properties SH 17 J 9 D 15 
B Padflc •B' W 4575 4.40 
Target Pernioum Ort 32 05 ( 9 ) 

Target Petroleum ($ADJ 5 ) 14 203 05 / 9 ) 
Untied Conn Oil Gas S 2 A 01 / 9 ) _ 
lldted Overseas Lend SS 2.738 01 / 9 ) 

Vam 24 05/9) 

tog Refractories 237 % 04 ( 9 ) 
EripfaraUaa SA 0326 7 M/ 9 I 
Vtitage MdnRwf 908 
Vufttijn (Louis) FF 1195 
Votap Mtoerais 298 
WaHMUa M faring Co 95 
Wattle drily Gold Mines SML 25 S 
Wharf HUgs 5 H 10 . 7 D 8 
Ifltoog IpdHtrial Hldgs 20 1 

1 KUUE 535 m 

waliaff Cor waptmlw 

engagetl setetf in mineral 
exploration 

Abbey Natl BUg Soc MKVB 7 £ 99 S. 98 & 

AoglnJUn Agrto 70 3 
Aan St Brewery (£L) 730 
Apptottfl ( 10 p) 18 01 / 9 ) 

SarUcan Hldgs ( 10 p) 4 % % % 5 % 

(Channel Island Cons 475 ( 15 TC) 




018*87) 1OS04Sa87) 
zwody e%3Prt Slk - £90.7* 018007) 
«&S-Souttiero Water Co!L5%(FWy 
, DM Btt -£67(148*87) 

1 10% Rad Dob Stt 85180 -CSS 055*00 
North Surrey Whtar Co4A%B Ord Btt - 
E107H* (I1SB07) 

85% ore Stt -£119.7*013*07) 

fssasar ■ ei,9 - 7 *f ,isaa7 > 

Ponairuun Whnr OolOK% Red Deb Stt 

1806 -£001% 0.9 0SS607) 

6outh Staftantahlre WanmorkBCo 

-£11« 004*016*07) 

By pemttatan of toe 


'Bawaw (Win) OOp) 630 5 05(9) 

Fredericks Place (20p) 105 15 
GRI Etectroota OOp) 100 06/9) 

GUow (G> 540 5 04/9) 

. Do. 5pcPI (CD 64 5 Q4TC) 

Grmnstar Hotels OOp) 26 0 30 06/9) 
G u ernsey Gas Ugbt (£1) 475 Q4A) 

■Hart Rock Cato (29) 175 85 01/9) 

■Hngto OOp) 107 12 Oifl) 

Jeuriugs Bros 200 5 04«) 

Jersey Gas Da. 3pcPf (£L> 24 
Mtatit Lebure OOp) 42 3 5 7 Ofri9) 

Co Riches Stores SpcPf (£1) 47 
(London Whil Hldgs (£1) 267 70 01/9) 

Arte Shipping (5p> 5 06/9) 

Merrett OOp) 480 OITC) 

/tartan VHUen Triumph Op) 7% Bb 
(Red Rase Radu Dp. A NV flOp> 125 35 04/9) 
fSerem Valley Railway (£0 60 OITC) 
lSmmwn 4pcPtPf 55 
(Stt Quay Ian (O) 125 05(9) 

Renter (Aberdeen) 55 O6W 

Thwa/tes (Daniel) (£1) 799% BOO CW/9) 
.Wotoerti a oi p am ftocecauw 295 OVW 

j RUL£ 589 GO 

(ADpUcatlonfi granted finr spedde 
Wgaias in securities net listed on 
8 an; exchange 

kerenore Bes. HRfid25> 56 8 9 

Stock Extiaane Cornell 


HOLIDAY AlfP TRAVEL ADVERTISING 

Is pufa toh ed on 

Wednesday and Saturday 

For details af Advertising 

Debffem Vanabtea, Ftoanctal Tfanes, Bracks# Howe, 
10 CanBon St, London, GC4P 4BY. 
TsIopbOM: 01248 8000. Ext 3231. 






Financial Times Saturday September 19 1987 


WORLD MARKETS 


FT UNIT TRI 1ST INFORMATION SERVICE 



Jointly compiled by the Financial Tunes, Goldman, Sachs & Co., and Wood Mackenzie & Co. 
Ltd in conjunction with the Institute of Actuaries and the Faculty of Actuaries 


NATIONAL AND 
REGIONAL MARKETS 

Figures m parentheses 
show number ot stocks 
per grouping 


THURSDAY SEPTEMBER 17 1987 



US 

Day's 

Dollar 

Change 

Index 

% 

177.98 

40.4 

9E23 

+0.0 

127.73 

-0.4 

134.74 

-02 

115.80 

+0.4 

114.55 

+05 

10226 

+02 

143-28 

-07 

142.43 

+ 02 

8625 

-02 

142.45 

405 

I73L66 

—0.6 

37859 

-05 

124.06 

-05 

13851 

40.4 

163-57 

415 

36665 

-1-0 

187-23 

-05 

165.92 

405 

229.22 

-0.9 

10631 

-04 

15558 

+L1 

128.76 

+0.0 

12758 

+05 

14687 

+0-1 

137/42 

+05 

129.07 

+00 

120.19 

40.0 

163-49 

40 JJ 

137.96 

405 

132^7 

400 

23454 

405 

13050 

405 

13455 

40.1 


WEDNESDAY SEPTEMBER » 1) 


Local 

Currency 

Index 




Year 

ago 

iBppnx) 












The World Index (2402) 


Bax values; Dec 31, 1986 - 100 

Copyright, The Haaocw Times, GokWaa, Soda & Co, Wood Maekeode & Co. Ltd. 1987 
Latest prices were mwodbUe f* ttts cdkioa. 

Heilean market dosed hr puttie holiday September lb. 

Latest toB*r prices men amaHabte for September 27 


601 13406 12088 


EUROPEAN OPTIONS EXCHANGE BASE LENDING RATES 





2D 263 

43 214 

121 75 

M 13 


Dec. 87 


200 280 



Dee 87 


1330 

290 



20 4308 

82 

Zfcl 1.40 
188 3J0 






3 7 

20 530 


25 | 260 
30 730 


% 

ABNBart 10 

MwLCow 10 

MM Ana a Lid 10 

MMIMrtCo U 

MMIrfeBa* 10 

tacriaa Exp.dk 10 

Aa rob* 10 

KaryAoAxker 10 

AN2 Baakios Grwp 10 

Aasaatts Cap Carp 10 

AdtoHyACaUA 10 

BandeBteo 10 

BmkH^Mn 10 

BadELmeOflO 20 

Bart Credit & Coan 10 

SaokoiCjprn 10 

BaftoiMad 10 

Basket bda 10 

BtesfSc dtart_ 10 

BaxpcBdgeUd 10 

BrtpSat 20 

BodnakTltUd 10 

BsfialTiEtUd 21 

BeterBakAG 10 

Bril Bk gflbi Eat 10 

iBrenSftfcy 10 

Beanes UtgcTst 10 

CLBffikKedertM 10 

ea w ta Pa— at 10 

Caps Ltd 10 


% 

• OartataeBa* 10 

OfittKA 10 

QtykkirtaeBak 10 

OyfatteBak 10 

Guru. Bk.IL Eat 20 

taiMM 10 

taepttatktBak. *20 

CftnsPcpteBk 20 

tkacailaaTie 10 

EqartVi TstCppfe 10 

EatffTnstUd 104 

Rni86Gea.SK 10 

firste.RB.Cap 11 

fi*te.SecUf 22 

• Retort FtaatagtCa 10 

Matftnr&ta U 

Gettak 10 

GrtadbpBaft 10 

HFCTnsl&Sam* 10 

• KadnSte 10 

NeRbNe&GB.Ts._ 10 

• IBSaori flfl 

C-Heat&G 10 

Hae^agAShart — 10 

UopfclM 10 

BeMlSasLN 10 

IHWBa* 10 

• HgrgaGnrtd 10 

HoMCRdBCapUL. 10 


Ha Bk. at Kraft. 


* » 
10 
10 
10 
10 
104 
11 
20 
104 
10 
10 
10 
10 
10 

QU . 
10 
10 
10 
20 
10 
104 
10 


• liertn at the Accepting 
Haases Con— M et. * 7-day 
deposits 5%. Smearis* 736%. 
Top Tier— £2500+ at 3 manta 1 
notice 931%. At aft when 
£10,000+ mate deported. 
1 Mortgage Me rate. ? Demand 
deposit 4.98%. Mortgage 105%. 


Horten Bart LM 

Nsntick Gen. Ties 

PKRraLMlinO— 

PrateUTresUd 

IftftteMSoB 

BrtMrOwti— . 

MBkotScOM 

(Mir* Bank- 

Seftk&Wft*»S«s_ 

Started data* 

TS8 

WTBartpge&p 

UaMBkcf Kraft 

UteAlGartiBaftL— . 

WlTiaLPLC 

Weston Tnft 

WtSpc Baft. Cap 


I 


5S3 



m 


m 


m 








TOTAL VOLUME IN CONTRACTS; 37,765 
A-Ask B— Bid C-Caft P-Ptt 



<0-2297231 
■*1X 136 
+29 1% 


01-232 1415 
-02 JJ* 
Al! CSS 
43 03 
+C* 3£7 
+17. l.'.fl 
+25 LB 
+C5 307 


J 059 

HJ OlO 

Hi aa 


-7 < am 

-l ij nm 
-l3 BOO 
+07} U1 


“BSSfi 


4Lt 

. — Z1 

u 

A7 

LB 

__J 07 

1ft 

— i ■ 2ft 
— *2 

— U 

02 

= M 

- £ 
HJ «5 


+3A UO 
+5.7 UD 
+U 2% 
+0.4 DA 
-09 021 
+09 770 

. — «3P 
.... am 
— - iw 
+04 US 



x^~ 


JE-. 


_ Uoyfe Bk. Uril TsL Map*. Uft W 
50 Haftlm'r PepL G erag latex WlrtnaW 



i§s£ 




m 


4m 


% 







RISES AND FALLS 

Yesterday On the week 

Bses FaHs Same Rises Falls Same 

British Fundi — 110 0 2 290 199 71 

C o r por at i ons, Dam. and Fonkm Boats 23 3 28 68 34 168 

Industrials 662 274 650 2,787 1,738 3,406 

Financial and Props. 257 83 Z74 L097 499 L477 

OUs 29 27 58 153 151 266 

Plantat i on s 3 2 9 11 13 46 

Mines 53 54 S3 253 246 451 

Others — 64 101 60 436 414 272 

Totals ~ 1*201 544 5.164 ■ 5,095 XZV, 6A57 


Fifth 

Professional 

Personal 

Computer 

Conference 

London 

27 & 28 October 
- 1987 



3£=E 


pmECZAUT 
524 • 55 

423 « 




POta 4+2,32 St 


BANK RETURN 


BANKING DEPARTMENT | sJ££*Fnw 


UABILfTIES 



3*194.884,614 | + 85,090,028 


r t - T- ’ra 



3,194^84^14 


+ 85*090^028 



- 70,000,000 


+ 321384357 

- 391384.157 


- 70*000000 


fiar information pieese return 
this actvertisemant, together 
with your business card, to: 

Financial Times 

Conference 

'Organisation 

Mfostor House, Arthur Street, 
London EC4A9AX. 
Abematnrety. 
telephone 01 -821 1355 
telex 27347 FTCONFG 
tax 01- 623 8814 


S&7 




THE LEGAL PROFESSION 


RAHooflan date Octooer 14 1987 


Advertisement Copy dcoi Oct 1 1967 


The Financial Times proposes to publish this survey on the above date. A 
number of areas will be covered including: 

Euro-lawyers 

National laws v international Business 
Austrian taw and lawyers 
Barristers and clerks 

Editorial Information; 

Please address all inquiries or suggestions concerned with the editorial 
content of this survey in writing to the Surveys Editor. 
Advertising Information: 

Information on advertising can be obtained from Wflfre Broughton, 
telephone 01-248 8000 extension 3234 or your usual Financial Tunes 
representative- 

FINANCIAL TIMES 

. BKTC5 8USBESS KNSWR 

um-nMNnsr-arnff 

Dttfe of Ftareiai Una snep are sdfea to ctege at fia titanftB Bf Ita War 



rVl 




?- 


& 




anteteoiM, 
































































































































15 


■■•ni '. J ' ‘ .■-: • — ‘ • , 






































































































ttttttti s tititi th wm ti 






























































































17 




Financial Times Saturday September 19 1987 

























































































Financial Times Saturd ay September 19 1967 


LONDON SHARESERV1CE 



** * r - 
■v'- .. 

s-t • -** 

. lit; 


• '■>%. ■* 

i- * 


A " t ' n 


I**? _ 


:.v * ? 
























































































































































































































































































































20 


. ‘..t. ■ 



FINANCIAL TIMES 


Phone us first .for Pensioos/Insurance, 
Mortgages. Unit Trusts. 
Basingstoke 841414 _ 


Saturday September 19 1987 


Always specify the best 

Abbess 

office furniture 
Tel 01-574 6961 


Steel urges market approach for new party 


. BY PETER RIDDELL, POLITICAL EDITOR. IN HARROGATE 


THE UNITED party of liberals 
and Social Democrats must 
stand for 'a combination of com-, 
petition and consumerism.” Mr 
David Steel, the Liberal leader, 
urged yesterday. 

In his final speech at the Lib- 
eral Assembly at Harrogate, he 
sought to turn party and public 
attention away from the inter- 
nal debate over merger towards 
the setting of a 'new agenda to 
move on from Thatcherism.” He 
stressed a market approach, 
challenging both public and 
private sector monopolies and 
offering a Liberal version of in- 
dividualism. 

Negotiations between the par- 
ties will start next month fol- 
lowing the election last night of 
most of the Liberals' negotiat- 
ing team, reflecting a wide 
range of rank and file and lead- 


ership opinion. 

The assembly ended last 
night after a generally harmoni- 
ous and united week, aware that 
it had been probably the last 
annual conference of the party 
after 210 years of such meetings. 
This was marked by the singing 
of The Land, a song written af- 
ter Lloyd George’s people's 
budget to the tune of Marching 
through Georgia. 

In his speech Mr Steel said 
any question of the leadership 
of the new party should be left 
until next spring when it is to be 
formed. Most leading Liberals 
and Social Democrats believe 
he will become the first leader, 
although some in his own parly 
feel this is only because of the 
absence of a suitable short-term 
alternative. 

Mr Steel's speech, with a care- 


fully- worded section on defence 
and disarmament, was aimed as 
much at Social Democrats as at 
Liberals to maximise support 
for the new party. 


Some of his Liberal critics 
felt Mr Steel's delivery had 
been lacklustre and flat, devoid 
of the vision necessary for a 
new party. They also suggested 
that his emphasis on the market 
was very similar to that of Dr 
David Owen, the former SDP 
leader. 


Mr Steel sought to take the 
economic programme of the two- 
parties on to new ground in of- 
fering a view of the market 
based on competition and con- 
sumerism. His advisers believe 
this can be a distinctive ap- 
proach in relation to both the 
Tories and Labour. 


He rejected privatisation 
which replaced a public monop- 
oly by a private monopoly, such 
as British Telecom. The party 
would oppose creation 'of a mo- 
nopolistic private airline or a 
private electricity monolith. We 
shall not tolerate mega-mergers 
(in the private sector) which are 
against the public interest” 

In the public sector, the com- 
placent lack of. internal compe- 
tition” would not be tolerated. 

He also challenged restrictive 
practices whether in the trades 
unions or in the professions. 

. On defence, Mr Steel was 
careful to meet the concern of 
both his own party with disar- 
mament and the SDP with a 
strong defence. 

He rejected what he termed a 
Gaullist doctrine of an absolute 
commitment to nuclear weap- 


ons and said Britain should use 
positively the leverage of its in- 
dependent nuclear capability 
"by putting it on the table to pro- 
mote the next and more com- 
prehensive stage of the disar- 
mament process. 


*We should continue to sup- 
port a British contribution to 
Nato deterrence, bat we cannot 
and will not tolerate any at- 
tempt by this Conservative Gov- 
ernment to make its commit- 
ment to an independent 
strategic deterrent a barrier 
against farther redactions in 
the level of armaments on both 
sides." 

This formula is likely to satis-: 
fy most pro-merger Social Dem- 
ocrats even if not all of them are 
Dr Owen’s allies. 

Conference report. Page 5 


Sprinkel to 
quit as head 
of economic 
council 


Tate & Lyle sells 75% of 
Berisford stake for £100m 


BY CLAY HARRIS 


By Lionet Barber In Washington 
DR BERYL Sprinkel, the Chica- 
go school monetarist and free 
market theorist, is to resign as 
chairman of President Ronald 
Reagan's Council of Economic 
Advisers at the end of Novem- 
ber. 

Dr Sprinkel yesterday cited 
personal reasons in his resigna- 
tion letter, but US officials not- 
ed that he had sought the post off 
chairman of the Federal Re- 
serve. the US central bank, that 
went earlier this year to Mr 
Alan Greenspan. 

The departure of Dr Sprinkel 
follows the resignation earlier 
this week of Mrs Elizabeth Dole, 
Transportation Secretary, and 
is the latest in an exodus of high 
level officials from an adminis- 
tration entering its final year. 

His successor has yet to be 
named, but it will be difficult to 
find a high calibre outsider 
willing to serve less than 12 
months. 

Dr Sprinkel, 63, a native Mis- 
sourian, entered the Reagan 
Administration in HOI when he 
served as a US Treasury Under- 
secretary for Monetary Affairs. 
He quickly won a reputation for 
his blunt, outspoken manner - a 
trait quickly erased when he 
took over as chairman of the 
three-member Council of Eco- 
nomic Advisers. 

Dr Martin Feldstein, his pre- 
decessor. had infimated the 
White House and the then US 
Treasury Secretary Mr Donald 
Regan by his public exhorta- 
tions to cut the bulging US bud- 
get deficit 

He resigned in July 1984 and 
President Reagan toyed with 
abolishing the council, but 
when he became White House 
chief of staff in early 1985 Mr 
Regan appointed his loyal Trea- 
sury trouper to the job, on the 
condition that he kept his views 
to himself and to the President 

Dr Sprinkel kept his word. 
His public persona was one of 
the chief economic cheer lead- 
er for the administration, prod- 
ucing a succession of what some 
considered overly optimistic 
forecasts on the US economy. 

Id private, his contribution 
may have been more to restore 
confidence and morale in the 
counciL He might also have 
been b oping his service would 
be rewarded this year with the 
top job at the Federal Reserve, 
held by Mr Paul Volcker. 

Dr Sprinkel's chances evapo- 
rated when Mr Regan was 
forced to resign last February 
over the Iran arms scandal Dr 
Sprinkel is expected to return 
to the private sector. He was a 
senior economist at Harris 
Bank and Trust in Chicago be- 
fore his public career. 


Tate & LYLE, the British cane 
sugar refiner, has sold the lar- 
ger part of its 149 percent stake 
in S&W Berisford. the commodi- 
ties group which owns beet- 
based rival British Sugar, to the 
Chicago-based Pritzker family. 

The Pri takers, who control the* 
Hyatt hotel group, BranlfF, the' 
US airline and Marmon, an in- 
dustrial holding company, are 
baring 75 per cent of the Tate 
holding, with the remainder go- 
ing to Berisford directors. 

The £100m deal marks the end 
of Tate's ambition to gain a mo- 
nopoly over the UK sugar refin- 
ing industry. It also raises a for- 
midable barrier against any 
takeover plans 


KEY DATES M THE BATTLE FOR S&W BERISFORD 

>26 1986: Berisford confirms takeover ap pr oach from 


April 4: HJHsdown Holdings bids £488m. 

AprH 30: Tate & Lyle bids £478m. 

May 20: Both bids referred to AfonopoOes Commfsstott. 

May 29: ffifisdown scB# 14.7% stake to Ferruzd, quits bid battle. 
November 20: Berlstaid agrees to sefl 70 per cent of British Sugar to 
Femmzif0rE425in. 

February 2S 1987: UK Gov ernme nt blocks Tate bid and Ftenruzri deal; 
FarruEdloreed to reduce 23.7% stake to 15% within two years. 

May 8: Associated British Foods buys FerruzzTs stake for £1339m 
(293pa share). 

September 18: Piftzk a r fam ily and Oc rtafo rd directors buy Tate's 
149% stake for £1 00m (348V>p a share). 


British Foods, the bread and 
biscuits company which owns 
nearly 24 per cent of Berisford. 

Mr Garry Weston, ABF chair- 
man, said Tate had offered, 
within the past month, to sell 
the Berisford shares to ABF, 
but had attached certain condi- 
tions, which he described as 
"onerous," but declined to iden- 
tify. ASF views its Berisford 
holding as a long-term invest- 
ment 

The transaction marks the 
first holding in a UK company 
by thePritzkers. Mr Jay Pritzker 
and his brother, Robert will 


join Hie Berisford board. 

Tate sold the shares even, 
though it had said previously. 
by Associated* that it would retain the stake* 


until the European Community! 
allowed an increase in its refin- 
ing margins, which yield consid- 
erably less profit for Tate than 
those allowed to British Sugar 
under the EC beet regime. 

Mr James Kerr Muir, Tate fi- 
nance director, said: "We are 
still in discussions in Whitehall 
and Brussels about the margins. 
We are still hoping for a resolu- 
tion.' 

Tate’s bid for Berisford, and a 
separate offer for British Sugar 
by the Italian Ferruzzi group, 
were blocked by the Govern- 
ment in February on the advice 


of the Monopolies Commission. 

Although the monopolies re- 
port suggested Tate might be al- 
lowed to bid again if it foiled to 
win concessions on margins,' 
■Tate recently decided the Ber- 
isford share price had risen too 
high to justify a full offer. 

Tate estimated it had made a 
£23m profit on its holding, alter 
taking carrying costs into ac- 
count 

British Sugar’s decision last 
year to use its dominant UK po- 
sition to raise prices, rather 
than gain market share, has also 
helped Tate’s profits. British. 
Sugar and Tate have 55 per cent 
and 45 per cent respectively of 
the UK market . 

Pritzker j rauk, Page 8 


Japanese 
exports 
slow as 


imports rise 


By Our Foreign Staff 


JAPAN’S ECONOMIC growth 
slowed to zero in the second 
quarter, although domestic de- 
mand picked up significantly, 
suggesting that Japan appears 
to be meeting its pledge to stim- 
ulate its internal economy and 
to cut its huge trade surpluses. 

Figures issued yesterday by 

'Japan’s Economic P lanning 
Agency show that domestic de- 
mand rose by L2 per cent in the 
quarter, compared with <L8 per 
cent in the first quarter, while 
external demand fell fay LI per 
cent in the second quarter. 

This, a slowdown in exports 
and an acceleration in imports, 
is what critics of Japan’s econo- 
my have been demanding . 

The Government's target of 
3.5 per cent growth in real gross 
:domestic product for the finan- 
cial year ending next March is 
t still likely to be achieved be- 
cause the Y6,000bn (£25.4bn) 
emergency package introduced 
in May to stimulate domestic 
demand should boost economic 
activity from the autumn. 


Eurobond innovation for Next 


BY STEPHEN FIDLER AND NIKK1TAIT 


NEXT, the rapidly expanding 
retail clothing chain, is raising 
nearly £100m through the first 
convertible Eurobond launched 
in the form of a rights issue. 

The move was designed to 
overcome objections by institu-- 
tional shareholders to previous 
attempts to raise equity capital 
in the international markets. 

The controversy surrounds 
the insistence by UK institu- 
tions that they should be given 
the right of pre-emption or first 
refusal for all new share or con- 
vertible bond issues which ex- 
pand shareholder capital by 
more than 29 per cent The lim- 
it is 10 per cent in the case of, 
vendor placings - the placing of 
new shares to Bind an acquisi- 
tion. 

The Next bonds would repre- 
sent 69 per cent of the compa- 
ny’s issued share capital if con- 
verted, 

Bonds will first be offered to 
existing shareholders on the ba- 
sis of £1 nominal of convertible 
bonds for every 3.57 shares and 
any refused will be sold to in- 
vestors on the Continent 

Salomon Brothers, the US in- 
vestment bank advising Next, 
has conditionally pre-placed 
£70m-worth of bonds with Euro- . 


bond investors; the remaining 
£30m has been underwritten by 
Rowe and Pitman, UK stockbro- 
kers, and sub-underwritten in 
the London market 

Next says the money- £97-25m 
net of expenses - will be used to 
refinance existing short-term 
borrowings, saving the company 
almost £5m a year in direct in- 
terest payments. In particular. 
Next points to the need to fluid 
redevelopment of retail sites 
acquired in its £325m takeover 
for Combined English Stores in 
June this year, the launch of its 
mail order business, and the 
cost of a £35m warehouse in 
Bradford. 

The issue seems unlikely to 
settle controversy in the City 
over pre-emptive rights, howev- 
er, since the costs of the issue 
are significantly higher th aw on 
a conventional Eurobond. 

The Next bonds carry a cou- 
pon of 5% per cent, a conversion 
premium of 20.8 per cent and 
the investor has the right to sell 
the bonds back to the issuer af- 
ter five years at a yield of 10.46 
percent 

By contrast, a smaller con- 
vertible Eurobond launched 
conventionally yesterday for 
London International .Group 


carried a lower coupon of 4Vi 
per cent, a higher conversion 
premium of 2591 per cent and a 
five-year yield to possible early 
redemption of 8.51 percent 

LIG, the world’s largest manu- 
facturer of condoms, could is- 
sue the bond conventionally be- 
cause it was a vendor placing to 
finance the purchase of HATU- 
ICO, Italy's leading condom 
maker and a producer of 
over-the-counter health and 
personal care goods, for L103bn 
<£47.9mX 

Critics say the extra costs in- 
volved in taking account of pre- 
emption rights - effectively the 
risk premium for fixing the 
terms of the issue for the 3% 
week underwriting period - are 
of no benefit to shareholders. 
Institutional defenders of pre- 
emptive rights, however, point 
out that the costs of a vendor 
placing and a rights issue are 
different 

Salomon estimates that going 
the rights route costs about 4 
per cent more than a conven- 
tional Eurobond, but says the 
costs of a conventional domes- 
tic convertible bond, which gen- 
erally cany more restrictive 
covenants than Eurobonds, 
would be double that 


Private housing and other do- 
mestic demand-related, items 
rose at an annual rate of 48 per 
cent In the second quarter, bat 
the external surplus plunged, 
cutting overall net growth to ze- 
ro. 

Private-sector stocks soared 
in value in the quarter as busi- 
nesses piled up both raw-mate- 
rial and product inventories 
I amid economic recovery. 

; Exports fell by 19 per cent be- 
cause of a decline in textiles, 
automobiles and consumer 
electronics. Imports rose by 59 
per cent because of increases in 
foods, textiles and machines, 

Japanese economists, gener- 
ally, reacted favourably to the 
figures. They said that rather 
than suggesting economic stag- 
nation the figures indicated a 
B change in the structure of eco- 
Inomic growth which remained 
J healthy. 

The economic recovery was 
not threatened, although it was 
likely to be fairly gradual as un- 
certainly over the exchange 
Irate arid inflation would be 
restraining factors. 

Recent economic statistics 
have suggested both that the 
Japanese economy is still ex- 
panding and that the trouble- 
some trade surpluses are 
shrinking as imports jump. 

Japan’s Finance Ministry this 
week said the profits of the 
country's leading corporations 
were expected to rise by more 
than 12 per cent in this finan- 
cial year. 


CHIEF LONDON PRICE CHANGES YESTERDAY 

(Prices In pence unless otherwise indicated) 

RISES P&ODefd. 

Treas. lOttpc. 1S99 £103% + ljj PoUy Peck Inti 

" + 24 RHM. 


Assoc. Brit. Forts 
BICC 


BSfUntL. 


432 Vj -i- 15% Red land 


147 + 9 Royal Insurance 


British Aerospace 503 + 18 SpringHam 

British Airways ... 216 + 11 Tarmac — 

Jrise Oil_ 


Enterpris 
GKN. 


342 + 6 Wellcome 


Helical Bar. 


Legal & General. 

London IntL 

MAI. 


Midland Bank 
Minet Bldgs 


408+12 
322 + 27 AatoL 
368 + 19 Assoc. Bri 

359 + 7 Berisford,- 

704 + 20 Saatdu&Saatchi 
528 + 10 T&N 


433 + 16 Telemetrix 


Morrison rWilUam) — 316 + 10 Textured Jersey 



^ Continued from Page 1 

INF talks 


WORLDWIDE WEATHER 




Ttoy 



•fast 



YU* 



Way 



nttday 
■e *f 



mudv 
■C *F 



midday 
■C "F 



n f 


s 

27 

81 

Drifeaf 

C 

a T9 

UsMn 

S 

2S 

77 


s 

25 

77 

Ng*n 

s 

31 

88 

DiMn 

F 

14 57 

MOOTQ 

s 

29 

84 


s 

7 

*5 

A mjfcn. 

s 

19 

66 

Otarii 

s 

31 88 

Majorca 

s 

30 

86 


s 

30 

88 

mans 

s 

3D 

86 

EM0L 

s 

13 S 

NdtflB 

s 

26 

82 



- 

- 

BMW 

s 

33 

91 

Fan 

s 

a 82 

Mate 

s 

30 

86 


s 

as 

82 

Banina. 

s 

29 

84 

Rmnea 

s 

30 86 

Wcftstr. 

s 

U 

67 


F 

26 

79 

Bsfttsr 

F 

13 

53 

FOUdt 

s 

36 TV 

Mrftm. 

5 

24 

74 


c 

12 

64 

taw. 

S 

30 

86 

Geoea 

s 

2fi 79 

Mx. C. 


• 

• 


s 

at 

75 

Berlin 

F 

23 

73 

Goratar 

e 

2 77 

Mwnlt 

S 

2S 

77 


F 

a 

» 

Bante 

S 

32 

90 

GiasctM 

s 

14 57 

Wan 

5 

a 

82 



- 

■ 


F 

15 

59 

Gmmt 

c 

IS 64 

MonW.T 

S 

9 

48 


c 

ID 

50 

Battel. 

F 

15 

59 

MsfaU 

F 

11 52 

Masco* 

c 

9 

48 

v VJTii'r% 

s 

a 

82 

B Anas 




H.Mofi 

r 

a 82 

Mcrtch 

5 

27 

a 


c 

m 

70 

Bombay 

F 

32 

90 

bnti* 

F 

24 75 

Nairobi 

F 

a 

77 


s 

8 

90 

Ban* 

S 

33 

91 

Irwnts. 

E 

12 64 

NVMS 

S 

a 

SB 

T« mtv 

s 

30 

86 

BoufeTL 

C 

19 

68 

fottn 

s 

13 53 

Nassau 


- 


Tmerffc 

s 

29 

84 

BrtsM 

F 

IS 

84 

Istanbul 

s 

a 77 

M. 

F 

i* 

57 

Tokjo 

s 

25 

77 

Busses 

C 

20 

68 

Jtiay 

c 

17 63 

N Mi 

F 

33 

a 

Toronto t 

8 

11 

52 

Boast. 

S 

a 

77 

Jotug 

F 

14 57 

N Yorfct 

R 

20 

68 

Tunis 

5 

33 

a 

Cam 

s 

34 

83 

mas 

s 

is a 

Nr» 

$ 

26 

79 


5 

32 

90 

Cartel 

F 

18 

64 

LPtUL 

s 

26 79 

ftca* 

S 

a 

88 


5 

23 

82 

CapeT. 

S 

24 

75 

Lisbon 

F 

26 T9 

Qnano 

s 

a 

82 


F 

27 

tt 

CNcspit 

Dr 

17 

63 

Lctaroo 

s 

a 77 

0* 

c 

ii 

52 


G 

12 

54 

Moex 

F 

23 

73 

Ionian 

s 

21 70 

MS 

s 

a 

82 


G 

a 

70 

QpangA. 

C 

IS 

59 

l. Me. r 

c 

17 63 

BMC 


- 

- 

r ;* :*■ 

S 

16 

61 

Corfu 

s 

a 

95 

UnHg 

s 

a 77 

Fonb 

C 

a 

a 

2Briefi 

s 

38 

82 




fr-D&zfe. F-FUr. Fjfr-ft#. H-W. H-RntQ. 
S-Sa* S»-Sw*i T-Tlwfltt. 

tieiiBMiiien^n 


volving the destruction of an en- 
tire category of nuclear weap- 
ons and the implementation of 
an intrusive verification regime 
to try to prevent cheating. 

The US has 348 cruise and 
Pershing 2 nuclear warheads 
based in Europe and the Soviet 
Union is believed to have more 
than l£0O based in Europe, 
plus a few in Asia. All those 
weapons, which have a range of 
between 500 and 5,000 kms, 
would be eliminated but the ti- 
\ mescale for the phasing out has 
| still to be settled, 
f One of the main obstacles that 
had been preventing an accord 
had been how to deal with 72 
West German Pershing LA mis- 
siles without including them in 
the treaty, which the US has re- 
fused to countenance. That was- 
resolved by an agreement to 


treat the warheads, which are 
American, like other US and So- 
viet warheads. 

Originally Moscow bad de- 
manded that the Pershing LAs 
and their warheads should be 
included in any INF treaty. Mr 
Helmut Kohl, the West German 
Chancellor, came to the rescue 
of the US by promising to elimi- 
nate the Pershing 1A missiles as 
soon as the superpowers had 
got rid of their medium-range 
nuclear weapons. 


rise timetable for the elimina- 
tion of the medium range mis- 
siles. The disagreement 
between the two sides mainly 


concerns a different apprecia- 
suld take to 


As for as the US-controlled 
Pershing 1A warheads are con- 
cerned the US and the Soviet 
Foreign Ministers agreed they 
would be treated like all other 
warheads in the agreement 


Among what Mr Shultz de- 
scribed as the technical issues 
still to be resolved is the pre- 


tion of how long it woi 

eliminate the chemical sub- 
stances contained in the mis- 
siles. 

* The US wants to phase out the 
shorter-range INF weapons 
over one year and the longer- 
range weapons over three 
years, while the Soviet Union 
has proposed two years for the 
first category and five for the 
second. 

Speaking about the agree- 
ment as a whole, Mr Shultz said: 
"All matters of principle have 
been resolved and all that's Left 
are technical issues that we are 
.confident we can work out" 


Continued from Page 21 

Building societies, 


changing itwmind. 


However, some observers be- 
lieve the damage may already 
be irreparable. Societies may 
have lost forever their unique 
position in the mortgage mar-* 
ket, they say. 

The association’s figures 
show that societies performed 


slightly better in the retail 
savings market last m on ^at- 
tracting net receipts "of £887m 
compared with £347m in July. 
Hus is probably explained by 
jitters on the stock market 
which may have scared small 
investors into selling shares, 
the association said. 


, Societies made net mortgage 
[advances of £L22ra last month, 
down from £L4bn in July. Banks 
lent £7Q8m net last month. Other 
lenders are thought to have lent 
at least £5G0m, though precise 
figures will not be issued for 
several months. 


THE LEX COLUMN 


Indian summer 


for equities 


Even as the market nosedived a 
couple of months ago, there 
were optimists who looked for a 
(revival with the autumn results 
season. They are proving bang 
right on the timing, but the re- 
sults have little to do with iL 
The remarkable obsession with 
economic statistics observable 
throughout the summer, itself 
the result of fundamental wor- 
ries about the economy, was fi- 
nally fed the right figures this 
week, and there was more opti- 
mism in the market by y ester- 
close than at any time 
since equities fell off their 
mid-July peak. 

The economic case is, if any- 
thing; stronger for gilts than for 
equities. Yesterday’s bank lend- 
ing figures seem to remove any 
lin gering threat on interest 
rates; and even if the money 
supply figures showed notes 
id coins in circulation rising 


FT Index rose 21.2 to 1833.2 


anc 


Storehouse 

Share price relative to 
FT-AAn-Share Index 
110 ; 



1966 


1987 


by an annualised 9 per cent, 
there was the soothing counter 
of Wednesday's figures on in- 
dustrial output, apparently 
showing the UK producing 
ewnwgh goods to satisfy its own 
appetites. Given the remark- 
able stability of sterling, it was 
not surprising that the week 
saw renewed foreign interest in 
gilts - or the rumour of it, which 
the market took as enough to get 
on with. It now looks possible 
that next week’s auction - only 
£800m, after all - could be over- 
subscribed. 

In the equity market, mean- 
while, the stream of interim re- 
sults is pushing forecasts for 
earning ^ growth in the next 
twelve months up towards 15 
percent In the short run, there 
is still a feint worry over possi- 
ble cash calls; the average 
amount raised through rights is- 
sues over the past seven years, 
according to James Gaped, has 
been equivalent to L4 per cent 
of average market capitalisa- 
tion for the year, and the £59bn 
raised this year is at that level 
already- But ills in the authori- 
ties’ interest, after all, to keep 
the queue dear, at least until 
the BiP issue at the end of next 
month. After a frying summer, it 
looks like plain for a 

while: 


fonnance of the past 18 months. 
Yesterday’s shake-up was cer- 
tainly long overdue; but if the 
potential bidden can claim 
some credit for It, they must al- 
so take some responsibility for 
holding up the other key part of 
the process - the quest for a 
managing director to allow Sir 
Terence Conran to concentrate 


on design. Nobody of weight 
ling snil 


_ hip nntl 

bid talk has 'more clearly sub- 
sided; certainly no-one ap- 
proaching the class of Mr 
George Davies, Conran’s last 
major discovery. 

Rot despite yesterday's reve- 
lations about all those retailers’ 

share stafees,the market- which 
dropped Storehouse 13p to 346p 
- seems to believe that the emer- 
gence of a more unified man- 
agement tom reduces the like- 
lihood of a bid. The problems of 
a break-up by Hountleigh (or 
anyone else) look huge, and a 
BhS management buy-out is 
even less likely following yes- 
terday’s resignations. But some 
bid speculation should buoy up 
the price until restored credi- 
bility can take the strain. 


Tate/Berisford 


Pre-emption rights 


Storehouse 

If the creation of Storehouse 
through merger was a device to 
secure BhS at the lowest possi- 
ble cost to HabitaMdothercare 
shareholders, it has backfired 


quite spectacularly. ’ Through 
cially locking 


artificially locking together two 
distinct retailing cultures in 
fractious union, the form of the 
merger has surely contributed 
■to the management failures and 
dreadfal share price anderper- 


At long last an end to tbe 
whole pre-emption rights rum- 
pus - perhaps. Next’s £100m 
rights issue- of convertible 
bonds might prove the compro- 
mise which all sides can. agree 
on, and, no doubt, none really 
prefer. There is nothing essen- 
tially new in a limits issue of 
convertible . stock, the differ- 
ence in Next's case being the in- 
ternational underwriting of 70 
per cent of the issue and the 
choice for investors of domestic 
or Eurobond conditions for the 
resulting bonds. Shareholders 


Tate & Lyle’s sale of its 14.9 
percent stake in S and W Beris- 
ford might have been a sound 
move, but it has deprived the 
market of much idle specula- 
tion. Even Tate's shares fell on 
the news; despite its £23m profit 
on the deal and the removal ol 
the fear that it would make an 
expensive acquisition. There 
had been an assumption that 
such a sale would come only 
when the EC allowed Tate a big- 
ger cane refining margin, thus 
boosting its profits. No such 
luck. 

Berisford 's shares naturally 
fell, 9p to 3S6p, in the belief that 
a bid is less likely. On the other 
hand, the Pritzker brothers do 
not look the types to watch an 
investment moulder. Tbe hard- 
est hit yesterday were A B 
Foods’ shares, down 15p at 34Sp. 
It really needed to spend some 
cash, but is now left with ah un- 
usable (and possibly unplacea- 
ble) stake in Berisford, worth 
over £160m, to go with a poorly 
I performing investment in Dee 
^Corporation, valued at£280m. 


Three year 


to 1st Sentember 

. 

Percentage 

Position and 

Trail 

increase . 

total number 


in value 

. in sector 

UK Growth 

+289.7 

6th .. 

100 

European 

+228.9 

1st... 

22 

Income & Growth 

+200.7 

3rd.. 

76 

Worldwide Recovery 

+180.1 

4th 

81 

Pacific 

+162.0 

6th .. 

32 

Practical 

+133.3 



International 

+130.7 

13th. 

81 

Japan 

+119.8 

25th. 

36 

High income 

+106.7 

10th. 

13 

American 

+53.4 

23rd 



f*n* 1 ta«ai«nwLSW •Swa-OpM.tMrncM.M!, 


Oiir last fund launches were in September 
1984. This month, for the first time, we caii 
quote three year performance for all of our 
funds. 

The Worldwide Recovery Trust is especially 
popular at present having grown by 41.1%* 
over the last year. 

For farther details about Worldwide 
Recovery or any of our funds, 

telephone 01-489 1078 or write to 
Oppenheimer Trust Management 
limited. Mercantile House, 66 


. : — — - w W VHar W[ 1 

Cannon St, London EC 4 N 6 AE. oSSwEir 

Fund Management Ud 




s' 


can take up or sell their rights - 
so they, rather than outsiders, 
receive the benefit of any pre- 
mium at which the bonds trade 
■to issue price. Next can argue 
that its cost of capital is lower 
than would have been produced 
by a conventional rights issue of 
shares at a discount of 10 per 
cent or so - though given the 
complexities of valuing convert- 
ibles with put options it could 
be a close thing. 

'.'Although its use of the inter- 
national markets has seemingly 
, reduced that cost, a non-rights 
'convertible would have pro- 
duced more aggressive terms on 
the bond, as London Interna- 
tional's £50m issue showed. 
That has a coupon of 4% per 
cent compared with Next’s 5H 
per cent - a difference costing 
Next £l%m a year on the inter- 
est bill But if shareholders are 
also the convertible holders 
that does not matter - they are 
getting in higher interest pay- 
ments (and the other more gen- 
erous terms) what they are lin- 
ing in pre-tax profits. Next is 
paying more in underwriting 
commissions - which are higher 
in the Eurobond market - and, 
in that respect, the UK institu- 
tions who are so anxious to pro- 
tect pre-emption rights are pay- 
ing the price of getting their 
way. But those same commis- 
sions may well come home 
when the overseas underwriters 
grasp that in the rights issue 
system of underwriting they on- 
ly get the stock when the issue 
flops. 




lie 


P£ 



, • >: . 


• ' - • i • -% 

-•'v x \ 


/ w... 




_ v_._. 













WEEKEND FT I 



financial Times Saturday September Id 1987 

m 



September 19/20 1987 



- MARKETS - FINANCE &THE FAMILY* PROPERTY- TRAVEL- MOTORING * DIVERSIONS • HOWTO SPEND IT- BOOKS • ARTS • TV 


The Gulbenkian art collection crowns a 


Foundation which benefits all Portugal — 

and the world. Diana Smith reports. 

: 

HI The treasures 

r-< .. U5Bt, j 


of Mr Five 


■srfaS 

£C$8S 

. ” e - ! cocei 

“• “•'«rEmn st 
tr ' B i«*£ 

? Berisford 

■■ 12 - «^Ti> 

[- * ieaj; 

®’-‘ s ‘ Hint, 
i vf KUti: -.^r* 

‘i‘.ie>e:;e:uEEj; 

c.-.-i: iai laessst 

ir :: 

crqaatsii 

stops: 

’ -iie - jj-3 E5: 
r.e E: ilbawTEr 
ref^itjcas:: 
prj£s?.: 

nsxs z 
3- > .'.at; is±ek 
.• 

• r •: Frtilsrter 
vk ’.: “ ^~r? SC 
7-Li: rr-'uisisB: 

" -" Lt'r.t/ C5 

m r.in- c:srSS 

;.- r 

. r - rioiiib; 

•r-;. ~ 

..'v-fas:: 

■■ ""/Vvil-tcaS 




L ISBON IS not Xanadu. But it 
boasts a stately pleasure dome 
decreed by the executors of 
Calouste Sarkis Gulbenkian — 
Mr Five Per Cent, the Istanbul- 
born Armenian magnate whose pioneer- 
ing 5 per cent share of the Turkish oil 
company that became the Iraq Petroleum 
Company yielded tens 'of millions of 
pounds a year in Income, Much of it was 
used to amass a treasure store of works 
of art that the legendary Rubin Khan 
might have envied, 

Portugal was his last home before he 
died, aged 86, in. 1955. In the will made 
two years before he died, Gulbenkian 
called for creation of a permanent 
foundation under Portuguese law. the 
purpose of which would be " charitable, 
artistic, educational, and scientific.*' The 
art collection is the spectacular tip of a 
vast institutional iceberg which his per- 
vaded Portuguese life and drawn over 
lm visitors to the museum. • 

For a modest Esc 40 (20p) you can 
abandon the traffic, crowds and daily 
bother of the city, take shelter in the 
discreet, fowsltmg modern pile just off 
L’ A vent da de Benia and discover the 
well-housed, well-lit treasures. 

Gulbenkian took a degree in engineer- 
ing at King's College; London in 1886 
but patiently taught himself history and 
knowledge of art He travelled with 
equal . ease m Oriental- and Occidental 
cnttute and. his collection reflects the 
contrasts between - the two ^facets 
of Gnlbpu Irian's - character — sensual 
passion' competing .. with - intellectual 
discipline. He ~ was attracted 
simultaneously by .fluid contours and 
glowing Islamic or Oriental tones, the 
delicate austerity jof -early ; Christian 
works, the witty mannerisms of 18th 
century European painters and sculptors 
and the 'contrasts of Islamic and 
European carpets, tapestries or textiles. 

Through Egyptian figures and a large 
coin collection started in boyhood, past 
Greco-Roman antiquities to fine Chinese 
porcelain and. the brilliant colours of 
Islamic ceramics and glass, to carpets 
from the Caucasus and Moslem India, 
Turkish prayer rags, velvets, brocades 
and satins — a display envied by 
connoisseurs of Oriental textiles — into 
the glow of mosque lamps and mosque 


igGulbenkian's private burnished world. 

4 This privilege was granted to few 
r doring Mr f?ve Per Cent's lifetime. He 
loved his collection fiercely . and 
possessively— parts of the collection 
were loaned occasionally to international 
museums, but the futi array was for him 
alone. 

The West is represented by an entire 
room of shimmering Guardis tmng in 
tile round in Gulbenkian’^ Paris, house 
and in an oblong room in the museum; 
Corots, illuminated manuscripts, 
ivories, salons full of ornate 18th 
century furniture genre pinttnp 
of the period. It is bow Gulbenkian 
lived^-amid the masterpieces of many 
centuries. 

He surrounded himself by sculpture, 
by inventive Lalique glass, and objets 
de vertu. He lived with the works of 
Fragonard, Fantin La Tour, Manet Mil- 
let, Monet and Degas, interspersed with 
pieces coaxed away from the Hermitage 
in Leningrad between 1928 and 1930, 
.. when -Russia’s new Soviet leaders sold 
magnificent works of art for hard cur- 
rency. 

Among these masterworts, acquired 
for a few hundred thousand pounds, are 
dazzling French gold and silver objet*. 
Riesener furniture of tile Louis XV 


‘Over lm visitors’ 


.period, Rubens’ jiortrait of .*_ twinkling 
- young wife, Herndon's marble Diane, 
Wattequ’s -U Memntin mid -two- Rem- 
brandts that belonged to Catherine H of 
RnssU-^-a portrait of an old man and an 
Alexander the Great. . 

Visitors might be even more stunned 
if they knew that in the accounts of the 
Calouste Sarkis Gulbenkian Foundation, 
this display of masterpieces is entered 
at the . risible figure of Esc .150 — 
87 pence. It is too priceless to have a 
measurable financial value. 

The collection may have no monetary 
' value. The foundation has. It 
.started in 1956 with assets of $80m, 
largely Income from the famous 5 Per 
Cent This was augmented through tin 
j vestment in stocks, bonds, shares mid 
■ deposit accounts to diversify holdings 
kJwben Middle East oil came under the 



threat of nationalisation. The founda- 
tion has built up assets of Slbn. 

Since its 1956 start it has disbursed 
more than $500m in grants and scholar- 
ships. Sheer volume of assets and dis- 
bursements suggest that the Gulben- 
Jtian Foundation should have a high 
profile among international foundations 
but, like its founder, it is thoroughly 
discreet 

Gulbenkian came . discreetly to. 
Portugal in 1940 after France, his place 
of residence, was occupied -by the 
Germans. Neutral, backward Portugal, 
then ruled by reclusive dictator Antonio 
de Oliveira Salazar, willingly gave shel- 
ter to the famous and temporarily 
homeless oil magnate. 

He became a -ftiwiiuai- figure at the 
Aviz Hotel, a rococo former'- private 
mansion not far -from the area, that' 
would later be bought, by the Foundation 
lor its headquarters, museum, reference' 
library, exhibition gallCfies, auditoria 
and meeting rooms, set in 60 hectares 
of lawns, sculpture gardens and flower- 
beds.- In a corner of the -gardens near 
the Praca de Espanha sits > statue of 
the founder, bronze eyes averted from 
the massive Henry Moore and other 
figures of the Center of Modern Art 

Calouste would lunch at a corner 
table in the Aviz dining room, 
courteously but cautiously acknowledg- 
ing greetings, watching intently, sm a l l 
in his high-backed chair. What he saw 
of Portugal and what he learned from 
his contacts — and above ak from his 
clever young lawyer Jose de Azereflo 
Perdigao — moved him to agree to 
bequeath the body of bis huge assets 
(minus deductions for bequests, to rela- 
tives .and family retainers) to a 
Portuguese foundation principally bene- 

jSting^ortugues^^ltizen^iH^uitura^ 


scientific, medical, charitable and educa- 
tional institutions, students of Portugal, 
or the furtherance of Portuguese cul- 
ture abroad. 

It might -have been otherwise. 
Gulbenkian - took British nationality in 
1902. Though be remained devoted to 
Armenian culture, charities and 
religion (St Sarkis Armenian Church in 
London was built thanks to his largesse) 
he proudly held his British passport 
until his death. However, a break with 
Britain in World War H may have been 
one of the factors influencing his deci- 
sion to endow Portugal rather than 
Britain with a rich foundation. 

In Paris, Gulbenkian was honorary 
-economic counsellor at ihe - Iranian 
Embassy. When France fell and. the . 
Vichy , regime wa$ set up. the Iranian 
embassy ..stayed open. The British 
abruptly declared Mr Gulbenkian an 
enemy . alieq. "because of his honorary 
attainment to the embassy, and took 
-away--- his • . nationality, Gulb enk ia n , 
enraged at being condemned without 
' a hearing, demanded restitution accom- 
panied by an apology. He got his British 
nationality bad: after the war, but no 
public apology. 

Meanwhile, he wanted a home for his 
entire collection after his death. 
London’s National Gallery hungered 
after the paintings but Gulbenkian was 
unwilling to have his paintings in one 
place and furniture and object* in 
another. 

America wanted his treasures, too. 
Washington’s National Gallery was a 
temporary home for some of them for 
years. It offered to build a special wing, 
but Portugal won. 

■ Jose Azeredo Perdigao, still going 
strong at 90, became the foundation’s 
jresJden^fterjh^^t^^gr^^adcliffe^ 


Gulbenklan’s British lawyer who was 
the first choice, gracefully bowed out 
feeling a Portuguese foundation would 
do better with a Portuguese president. 

Britain did not lose out completely. 
When the foundation was established, 
a London branch was set up with grant- 
giving powers. At first it covered the 
UK: in 1985 a special programme was 
set up for the Republic of Ireland. 

The London branch is dedicated to 
funding arts, educational and social 
welfare, and Anglo-Portuguese cultural 
relations. In 1985 it disbursed £1.5m in 
the UK and the Republic of Ireland, 
emphasising the arts for young people 
and ethnic minorities in the United 
Kingdom, training in the performing 
arts, youth employment and community 
service volunteers projects, teacher 
tr aining and employment initiatives. 

In Portugal, hardly an area of life 
remains untouched by ' Gulbenkian 
funds. One of the foundation's first acts 
was to set up Portugal's first travelling 
libraries. By last year more than 3m 
volumes, had been. lent, in. villages and 
rural areas, to people who otherwise 
might have no access to the written 
word. 

Gulbenkian grants have restored 
churches and historic buildings, 
equipped important centres of Portu- 
guese history of ait such as the Madre 
de Dens church and tile museum, built 
and equipped schools, trained 
teachers in Portugal and abroad, built 
and equipped science laboratories (In- 
cluding the Gulbenkian Research Labora- 
tory in Oeiras outside Lisbon), medical 
centres and hospitals. Other grants 
have Introduced the first intensive care 
units in Lisbon and Oporto hospitals, 
set up rehabilitation centres for the han- 
di capped, created orphanages and shel- 


tered labour workshops, funded low-cost 
housing, and sent thousands of post- 
graduate students and specialists 
abroad. 

Young musicians, singers and ballet 
dancers have been sent abroad on 
scholarships: many have returned to 
help form a cadre of able Portuguese 
performers now beginning to make their 
mark in opera and the Gulbenkian’s own 
orchestra, choir and ballet. The 
orchestra, choir and ballet companies 
have been a lively part of the founda- 
tion's activities since the early 2960s. 

The ballet was the only Gulbenkian 
section to rush briefly into revolutionary 
self-management in 2975 when Portugal 
was a home of left-wing agitation. After 
a year the dancers got fed up with ruling 
themselves and settled down, becoming 
an increasingly able modern dance 
company. 

The exhibition galleries by the 
auditoria have recently displayed part 
of the collection of the American art 
collector Frederick Wiseman; an 
exhibit of contemporary Spanish paint- 
ing, including works by Dali and Picasso; 
and a major exhibition of the Portuguese 
artist Julio Pomar. These exhibitions 
are free of charge, heavily attended 
by a young public which, often thanks 
to the Gulbenkian’s efforts to promote 
art understanding all over I'ortugal, is 
becoming more actively interested in- the 
plastic and performing arts. 

They are helped with art appreciation 
by Gulbenkian-sponsored books on 
national or international art, just as 
children visiting a museum for the first 
time, are helped to understand the 
wonders of the Gulbenkian. collection by 
special guides. 

Ever-restless in its search for activities 
to foster, the Gulbenkian travels far 
abroad, restoring and protecting vestiges 
of Portuguese culture — old Portuguese 
forts along the East and West African 
coasts and the Gulf, Portuguese colonial 
architecture in Brazil, a Portu- 
guese arts centre In Paris and a resi- 
dence there for Portuguese students 
and professors doing a stint in France. 

Special care and attention is paid to 
a tiny group of Portuguese-speaking 
Malaccans, descendants of 16th century 
sailors to the Malacca Straits, to restore 
their prized Portuguese bell and to pro- 
vide a trip to Lisbon to visit the 
Portuguese monuments they view almost 
as totems. 

Complying with the wishes of its 
founder, the foundation has also funded 
the arts and culture in Iraq and Iran — 
museums in Baghdad, for instance— and 
innumerable Armenian charitable and 
welfare activities. 

If tiie average Briton or American or 
German in 1987 has never heard of 

‘Special guides’ 


Calouste Sarkis Gulbenkian, it is highly 
unlikely that any adult of Armenian 
descent, is unaware of the name, The 
Gulbenkian millions have financed 
Armenian Institutions around the world. 

In Portugal, the foundation has had 
an odd role, often supplanting Ministries 
of Education, Science, Culture or Health, 
which have not the funds to do what the 
foundation has been able to do. The 
Gulbenkian bequest has permitted 
thousands of small under-financed scien- 
tific. welfare or cultural bodies to get off 
the ground and keep going. 

The Portuguese do not generally con- 
sider themselves a lucky people. But 
hundreds of thousands of them have no 
complaint about the day a bald-domed, 
whlte-mustached, black eyed little man 
came looking for a wartime home — -and 
stayed to be their fairy godfather. 


ice 

mbs 


. $ 
(•in 

a 

; 

' l 

si 

'i 

3 



. .< 

J ", ? 

3 !.::- 


j* if; 



The Long View 


Now the game is getting serious 


IF ONLY the foreigners would 
stick to being tourists. When 
they insist on buying a piece of 
Britain, trouble can begin, 
especially if their purchase is a 
financial institution. 

An extraordinary number of 
financial enterprises are 
currency “in' play", — to adopt . 
the accurate but repulsive ter- 
minology of the Wall Street 
"arbs." They range from Mid- 
land Bank through a group of 
harassed medium-sized mer- 
chant banks to leading life assur- 
ance .companies such as Equity 
and Law and Sun Life. 

It sometimes seems: that any 
bored Australasian entre- 
preneur has only to arm him-' 
self with a hefty line of bank 
credit (easily done; it’s snch a 
change for the banks ; from 
Brazilian lending) and he can 
join the game, perhaps with 
the aid of a pin and the FT 
prices page. 

Leaving aside one oc two 
awkward hiccups tike Standard 
Chartered' Bank last year, and 
for the time being, at least Still 
Samuel this. year, it seems a 
highly profitable 'game. When 
a threat, appears, knights • — : 
whether white or blaCk — 
miraculously materialise. 

But now the game is getting 
really serious. Midland, one of 
the Big Four High Street banks, 
Is being stalked. Admittedly 
Hanson. Trust is- British, and 
likewise Saatchi and Saatchi; 
but who is to say how many 
foreign bonks sire quietly doing- 
their financial sums -and up- 
dating their political calcula- 
tions? Any number can . play. 

Traditionally, many countries 
have placed heavily -fortified 
embattiesnents around their 
major - financial institutions. 
Many nationalise .them, to 
underline their political -sub- 
servience. 

One argument is that the big- 
gest banks and investment ; 
institutions, are. vital jtq .the 
functioning of the economy, and 
foreign owners might lack full 


The development o£ 
global marke ts has 

brought changed 
attitudes to 
outsider bids 
lor UK financial 
institutions. Barry 
Riley argues for 
more strategic 
thinking among the 
insiders — banks. . . 
co mmitm ent. More narrowly, 

governments like to lean on the 
banks from «wip to time, a nd it 
is much easier if an informal 
directive can be effective than 
if watertight legislation has to 
be drawn up to push banks in 
the desired direction. But nods 
and winks might- not get much 
of a response from a faraway 
head office whose chief execu- 
tive would, no doubt, mobilise 
his full international resources 
in order to get around the local 
problem. . 

The development of 'global 
flnani-ifll markets has, however, 
begun to change political 
attitudes. In maintaining a tight 



grip on internal markets you 
also cut yourself off from the 
world outside. 

A good example was the deci- 
sion by the Bank uf England 
to open” up the gilt-edged- 
market to overseas primary 
dealers. The top-hatted tradi- 
tions were all very well, but. a 
posse of international salesmen 
would track down new investors 
and lower the Government’s 
cost of borrowing: The same 
logic has dawned on the French 
Treasury, which has opened up 
the Pans bond market and this 
summer >»»< sent ministers out 
on international road shows. 

The UK is in fact a special 


C Q NT ENTS 


Books: The Old Lady in turmoa 


XX 


xvn 

XX 


Diver sions: Tennyson’s legacy at Lincoln 
France: Q’s and A's in Briefcase 
Gardening: Bulb-planting time 


XVI 


Travel: A touch of class 


Sport: Preview of the Ryder Cup 


Art*. 

Books 

Bridgo 


CrBM—orrf 

Dtroriloni 


IT mv 

XXI Flnann a Family W-OC Stock 
XX Food- XVIli London 

nr . Ganlw&tg XVI mm V«k . 

1 Tokyo 

3001 RES? . XI-XV Tmvsl 
XVt-XlX Sport 


xxn 


HI 

.11 

III 

X 


mu HUM 


case, because there has been a 
positive effort to develop an in- 
ternational financial services in- 
dustry. This did . not create 
much friction so long as there 
were clear demarcation lines 
between, say, the Eurobond and 
gilt-edged markets. .However, 
deregulation has removed a lot 
of those barriers, and inter- 
nationalisation is beginning to 
reach right into core domestic 
areas like clearing banking and 
life assurance. 

Reciprocity is one diverting 
debate: the French for instance, 
are care to wrap their 

newfy privatised financial insti- 
tutions . up in foreigner-proof 
packaging (in contrast, you can 
easily buy a -US bank, but on 
the whole you would be wiser 
not to). 

British banks and insurance 
companies, however, have too 
many foreign subsidiaries — and 
too many plans for more — to 

S ve any substantial support to 
e protective case. 

There must be rapidly, de- 
veloping scope for the building 
of international retail financial 
service networks. They have in 
fact gone backwards since 
■ banks - like Barclays DCO fol- 
lowed the flag around the world. 
Nationalistic monetary and in- 
vestor protection regimes have 
served to cut off domestic mar- 
kets. 

But now in the European 
Community, at least, serious 
efforts' are being made to open 
up the internal market in fin- 
ancial services. The bid by Com- 
pagnie du .Midi for. Equity .A 
Law has been made with this 
development specifically in 
mind 

Some of tiie big banks would 
like to link up, but are ner- 
vous about how to go about it 
Direct takeovers would lead to 
sr loss of prestige by the 
• acquired bank, and would raise 
all the issues of foreign control 
(and - loss of central bank eye- 
brow-raising influence) that be- 


devil strategic discussions about 
the financial services industry. 

Besides, even if two banks 
amicably decide to get together 
there is always a risk that some 
less cosy rival might decide to 
enter the arena; at least, that is 
possible in the UK, where two 
rivals engaged In a bare 
knuckle fight for the Royal 
-Bank of Scotland a few years 
ago before the referee stepped 
in, although no doubt they con- 
trol these things more care- 
fully in, say, Germany. 

Bankers might - prefer 
umbrella-style cross-border 
mergers on the model of the 
Royal Dutch/Shell Group, 
which 'maintains- separate 
Dutch and British companies 
within a common operational 
framework. 

- Whether such tie-ups in 
banking would turn into 
Unflever-style successes . or 
Dunlop-Pirelli disasters could 
be an interesting, if abstract, 
discussion topic. However, the 
immediate drawback would 
remain that banks would .be 
putting themselves "into play” 
and open season would be 
declared. 

The worrying aspect is that 
not enough strategic thinking 
is going on among the big 
players; it is being left to out- 
side predators and speculators 
to make all the running. 

, This may be at least partly 
an illusion. Banks and insur- 
ance companies do not publi- 
cise sensitive discussions. But 
to the average reader , of the 
Sunday financial pages ' it 
seems as though the reshaping 
of the financial services indus- 
try Is being largely determined 
by Mr Ron Brierley and Lord 
Hanson, not to mention Mr 
Maurice Saatchi. 

It would be a pity if major 
deals had to be cobbled 
together in the heat of a 
pitched battle, or even, in the 
traditional Bank of England 
way, late on a Sunday night 
with the Governor standing by. 



Sound advice 


FREE FRONTIER MARKETS TRUST 
CASSETTE OFFER 


S ince Gartmore launched the Frontier 
Markets Trust in March this year tfie 
unk price has risen 36.0%* 

in the judgement of the Dusts 
Managers it still has a long way to go. 

?/ you telephone /tee 

0800-289 336 or simp/y /SI in the coupon 
we wilf send you a copy of a specially 
produced ape cassette which tells you 
more about this remarkable Uusc 

And how to be part of its future. 


£pE3 E3 EZJEZ3 ES3 H3 E3 EU E3EZlE^j 

O TtoiGaranQ re Fund Managers Ltd, pi 

Frontier Markets Cassette Offer. 

E3 Gartmore House, 16- 18 Monument Street; H 

_ London EGR 8 AJ. “ 

U Please send my flee copy of die tape and L3 

Q brochure. n 

_ BLOCK CAPTO1S PLEA5£ n 

y Name 

{Hr/Mis/Missmae} q 

Address . _ pj 


D 

i 

Q 

B 

B 

0 .■ 

if Postcode 

fa & 1 .4 1.' -1 1-4 


0 

s 

0 


FT1W 


Gartmore 


•Source: HJC/Opal I5di September 1987 offer to bkl net income reinvested 




II WEEKEND FT 


Financial Times Saturday September IS 1987 


MARKETS 


Decline could 
be under way 


SUPPOSING— just supposing— 
that US stock prices are head- 
ing for a significant long- term 
decline: would such a bear mar- 
ket have any unusual new 
characteristics? This question 
might be extremely vague but 
it does seem worth asking, con- 
sidering the enormous changes 
that have taken place in the US 
financial system and the whole 
international economy since 
stock market investors last had 
to think seriously about where 
the money would come from for 
the next Caribbean cruise. 

Indeed, the very fact that 
almost nobody on Wall Street 
has bothered to indulge in any 
kind of crystal-gazing on the 
subject of the next bear market 
is one of the best reasons for 
believing that such a decline 
could already be under way. 

With the millions of research 
dollars and armies of highly- 
trained economists at their dis- 
posal. one would have thought 
that Wall Street firms would 
be preparing all sorts of 
fascinating contingency scen- 
arios: analysing the possible 
interactions between declining 
stock markets and other asset 
prices in an unusually 
leveraged economy; debating 
the probable effects of capital 
gains and losses on consumer 
spending; and writing lengthy 
circulars observing that the 
extraordinary profitability of 
many leveraged buyouts has 
had as much to do with the 
rise in asset prices throughout 
the economy as with the 
managerial and dealmaking 
talents of the buyout entre- 
preneurs. 

Above all, one might expect 
the brokers to be devising all 


kinds of defensive strategies 
involving hedges in the futures 
and options markets — and to be 
marketing these aggressively, 
not only to their sophisticated 
institutional clients but also to 
the millions of retail investors 
who must be interested in pro- 
tecting -the big capital gains 
they have made in the past five 
years. 

In fact, the existence and 
ready availability of such defen- 
sive strategies is one of the 
most important differences that 
comes to mind in comparing the 
□ext bear market with ones 
that have gone before. With the 
enormous expansion of the 
futures and options markets, it 
is now almost as easy for (inves- 
tors to make money in a falling 
market as in one that is rising. 

This week saw the latest move 
in this direction with the issue 


Wall Street 


by Chase Manhattan bank of a 
novel three-year bond, the 
return of which as linked 
directly to any fall in the US 
stock market Investors in 
Chase's Reverse Standard & 
Poors Investment Notes (or 
reverse spins, for short) get a 
return of 3.76 times any fall in 
the S&P 500 between the date 
of issue and the date of redemp- 
tion in September 1990. 

The value of their principal 
is guaranteed while they place 
this bearish bet and they even 
receive a guaranteed interest 
rate of 2 per cent annually. The 
fact that Chase can offer in- 
vestors this kind of no-risk 
opportunity to bet against the 





2700 

1 

Dow Jones 



2600 

i! 

age 

yr\ 

Vi 

2500 


a/ 

/ 

\K 

2400 


S' 



/ 




1 

2200 

1 




Jun 

Jul Aug 

1987 

Sep 


market, without apparently 
raising any eyebrows among 
the regulators or putting any 
of its own capital at risk, is a 
tribute to the sophistication of 
the futures and options busi- 
nesses these days. 

However, the possibility of 
devising such an investment in- 
strument, and the many others 
which are bound to follow once 
the market really starts falling, 
has implications for the dyn- 
amics of the next bear market 
which could be significant, albeit 
ambiguous. If retail traders, 
who tend increasingly to share 
the institutions' view of the 
financial markets as an out- 
growth of the Las Vegas casino 
industry, can put their bets as 
readily on the bear as on the 
bull, the downward pressures 
once the market turns could be 
greatly exaggerated. 

There is a countervailing 
force, on the other hand. It is 
by no means clear whether 
financial speculation tends to 
destabilise markets or to act as 
a dampener on price move- 
ments. To the extent that any 
downward movement in stock 
prices draws bearish specula- 


tors into the market, the falling 
trend is less likely to deterior- 
ate into the kind of bottomless 
plunge seen in 1929 and, to a 
lesser extent, in 1974. 

The reason for this is that a 
market where large numbers of 
investors are making money on 
the downside as well as on the 
upside is less likely to turn into 
the dreaded one-way street 
with everybody selling and 
nobody offering to buy. The 
bearish speculators will be as 
anxious to lock in their profits 
periodically on the way down 
as the bulls traditionally do on 
the way up. To the extent that 
a significant body of bears 
comes into the fray near the top 
of the market, therefore, the 
next great decline could well be 
interrupted with more signific- 
ant upward corrections than 
the disastrous collapses of the 
past. 

MONDAY 2612.04 + 430 

TUESDAY 256638 -46.46 

WEDNESDAY 2530.19 -3639 

THURSDAY 252730 - 239 

FRIDAY 

Anatole Kaletsky 


Bucking the 
USM trend 



WHEN THE Stock Exchange 
relaxed the rules os new Issues 
last year, many predicted that 
the number of offers for sale 
on the USM would be sharply 
reduced. 

This week, the accuracy of 
those predictions was brought 
home when Explains, a New- 
foundland mining company, 
launched what is only the 
second offer -fox-sale on the 
market this year. 

The rules change increased 
the ceiling on placings to £5zn 
for the USM and £L5m for the 
main market Since a placing is 
cheaper than an offer-for-sale 
and since it avoids the risk of 
embarrassing undersubscrip- 
tion. most companies, given the 
choice, win opt to have their 
shares placed with institutions. 

Although the rules allow for 
25 per cent of a a lacing to be 
passed on to stockbrokers other 
than the sponsoring house, pri- 
vate investors are thus effec- 
tively cut out of most new 
issues. As a consequence, there 
is an artificial imbalance of de- 
mand over supply when the 
stocks start trading, and many 
go straight to a premium. The 
illusion of success created en- 
courages more companies to opt 
for placings and perpetuates 
the trend against offers-for-sale. 

So although “new issues 
fever" has swept the stock mar- 
ket this year, USM investors 
have missed out Prior to Ex- 
plaura, the only company to 
launch an offer this year was 
Sock Shop, the niche retailer. 
However, that issue’s success 
almost made up for the lack of 
other offers. 

Sock Shop's £4. 9m offer was 
52 times oversubscribed despite 


the feet that it came to the 
market on a relatively high 
prospective p/e of 24. When 
the shares started trading they 
imm ediately leapt to a 100 per 
cent premium as investors who 
missed out in the ballot tried 
to grab some stock. 

So can Explaura replicate 
that success ? As a company, it 
could hardly be more different 
from Sock Shop. It operates 
not in the high street but on 
the remote rocky coa s tline of 
Newfoundland and zts products 
are not dainty little socks but 
huge great chunks of lime- 
stone. . j 

Geologists' reports estimate 
that there are around 13bn 
tons of limestone in the area 
where Explaura proposes to 
build a quarry- The site is close 


Junior 

Markets 


HIGHLIGHTS OF THE WEEK 



Price 

Change 

1987 

1987 



y’day 

on week 

High 

Low 


FT Ordinary Index 

1,833.2 

+69.4 

1,9262 

1,320.2 

Positive signals on the economy 

Abbey Life 

3341 

+33* 

334* 

211 

Morgan Grenfell * buy ” reeommeudtn 

Buckley’s Brewery 

205 

+22 

220 

131 

Revised offer wins board’s recommdtn 

Commercial Union 

411 

+45 

411 

268 

James Cape! “ boy "/bid speculation 

Costain 

384xd 

+41j 

387 

246} 

Trafalgar House acquires 4-94% stake 

English China Clays 

531 

+43 

546 

306 

Re-rating suggestions /US demand 

Guinness Peat 

121 

+10 

121 

87 

Battle for control of group 

Hawtal Whiting 

512 

+77 

5 SO 

380 

Offer from First Security 

Hollis 

147} 

+20} 

153 

64 

Excellent half-year results 

Keep Trust 

598 

+83t 

663 

223 

Capital Injection by Dr Tony O’Reilly 

Legal and General 

368 

+49 

385 

256 

Intarlrw profits rise 25 per cent 

Mackay (Hugh) 

315 

+45 

323 

118 

Bumper Interim profits 

Mersey Dcks Cm bud Units 

440 

+184 

440 

30 

Peel Holdings has over 10 per cent 

Midland Bank 

528 

+34 

528 

421 

Rejects Saatchl bid approach 

Royal Insurance 

5B6 

+47 

589 

423 

Adstream reveals 5-12 per cent stake . 

Saatchl and Saatchi 

590 

-64 

699 

533 

Seeking fiaanrinl services expansion 

Sigmex 

123 

+38 

127 

55 

Preliminary profits upsurge 

Spectrum 

124 

+42 

135 

19 

' Neil and Scott buys 22Ji per emit- stoke - 

Storehouse 

346 

-29 

401 

269 

Mountlelgh bid uncertainties 

t Based on price at suspension 


Company 


FINAL DIVIDENDS 
Armstrong Equipment 

Anwnods 

Barrett Dev ............... 

Bryant Holdings 

Casket. S 


Close Brothers Group Tuesday 

Courtney Pope .... — ~ 

Green. Ernest 

Logics 

Pin sappli Group 

Renter Textiles 

INTERIM DIVIDSiDS 

Antler — ' 

Atlantic Computers .... 

Bank of Scotland 

Bank of Wales 


An no linea- 
ment 

Dividend (p) a 

Last year This year 

dua 

Int. 

Final 

lot 

Monday 

0.7 

ZJO 

0-9 

Wednesday 

1.2 

3.7 

1J5 

Wadnesday 

2-3 

&8 

2.6 

Tuesday 

0.6 

1JE 

0.7 

Wadnesday 

0.8 

1.4 

in 

Tuesday 

1.4 

2 JS 

1^ 

Friday 


10.0 



Monday 

— 

0.7 

1-5 

Thursday 

_ 

1.0 

OA 

Friday 


•w 

a— 

Thursday 

—* 

1.7 

— 


Bank’s move pays off 


Bankers Investment Trust 

Bae tson Clerk - 

Beauford Group — 

Bemrose Corp 

Bentalls 

Betec 


ifUVdM—aM 

*i«* d» « l »M di 


THE Bank of Scotland has 
boosted its balance sheet by 
moving south to England in 
a big way. But rather than set 
up a string of branch offices, 
it has been able to save costs 
by finding others to market its 
consumer credit services. 

This Includes the Visa card 
link with the AA and the build- 
ing societies, and the provision 
of credit services for in-house 
store cards. It also has tapped 
into the booming mortgage 
market by issuing mortgages 
through the life companies. 

Interim pre-tax profits of 
dose to £70m are expected to 
be announced on Wednesday, 
before a possible Third World 
debt provision that could 
reduce that by one-third or 
one-half. That is anyone's 
guess. 

The City is expecting Kleln- 
wort Benson, the merchant 
bank to be hit hard by settle- 
ment problems in the back 
room at Kleinwort Grieveson. 
ASi to that a fall in corporate 
advisory fees and securities 
losses, and interim pre-tax 
profits could reach just £40m 
when announced on Monday. 
This compares to £57.7m last 
year when profits were boosted 
by excenthmal gains in the gilt 
portfolio. 

The most bullish forecasters 
expect buoyant advertising 
revenue to enable United News- 
papers to double its interim pre- 
tax profits from £22m in the 
first half last year. Even the 
less optimistic agree, however. 



Lord Stevens 
.of United Newspapers 


Results due 
next week 


that the figures due on Thurs- 
day are merely an appetizer for 
the main course at the end of 
the year, when Lord Stevens' 
publishing and printing group 
will have a full six months of 
Extel under its belt 

Although United next week 
should spell out its plans for 
Extel — won in June after a 
bitter takeover battle — the 
City will have to wait until 
March to discover the addi- 
tional costs of -the move from 
Fleet Street (and offsetting pro- 
perty revaluation). 

Strong growth in marine en- 
gineering and medical equip- 
ment is expected to be displayed 
by Vickers when it publishes in- 
terim results on Thursday. 

The Rolls-Royce cars division 
also is expected to show pro- 
gress both in sales and mar- 
gins following changes to 
manufacturing techniques and 
product range last year. 

Analysts are forecasting group 
pretax profits of about £25 m, 
against last year’s £21.2 m. The 
growth in earnings per share 
will be less impressive because 
of the issue of shares for 
acquisitions. 

Interim results from Tarmac, 
Britain's largest building 
materials and construction 
group, due on Monday, are 
expected to show pre-tax profits 
of about £70m, up from £47. 5m 
in last year's first half. The full 
year prediction as around 
£236m. 

Housebuilding has been very 
strong and the company 
expects to have bulk 11,000 by 
year end, making it number one 
in the country. There are some 
worries, though, about the rate 
of increase in house prices 
Battening out while land prices 
continue to move ahead. 

The quarry products division 
should be well ahead; road 
building has been very success- 
ful 

First-half results due on Tues- 
from Christie’s International, 
the fine art auctioneer, are 
expected to be op sharply at 
around £15m compared with 
£7-23m last time. 

The market for fine art has 
been extremely strong since last 
December. Lots of people have 
made a lot of money on the 
stock market and are queuing 
up to buy. In addition, the 


increase of the buyer's premium 
last November from 8 per cent 
to 10 per cent boosted growth, 
as did the sale of Van Gogh’s 
H Sunflowers ” and " Le Pont de 
Trmque Taille ” earning around 

23.5m. 

Ratners, Britain's biggest 
jewellery group, is expected to 
announce interim pre-tax profits 
of around £4.5m on Tuesday 
after an eventful first half in 
which the group failed in a bid 
for Combined English Stores, 
only to win control of Ernest 
Jones and the US Sterling chain 
after the end of the period. 

The group’s year-end has 
been changed but the first half 
is still relatively insignificant 
for Ratners as jewellery sales 
are traditionally concentrated 
in the second half. Last year's 
interim profits were £2 -2m and 
the improvement reflects 
stronger sales, particularly in 
the revamped H. Samuel chain. 


Bluablrd Toys — 

Bos so Messimi Poilitx ... 

Sodding ton Group ......... 

British Syphon Ind — .... 

Cskabrond Rebuy and Company ... 
Capital and Regional Prop 

. . Cantral Ind Television ~ 

Chepstow Racooourao 

Christie* Inti - 

Cl Group 

■.Cityarovo — 

Channel Tunnol Imr ......... 

Clayfonm Properties 

Clifford# Dairies — 

Clyde Patroleum 

Connells Estata Agents ..... 

Cory, Horace - 

Dean and Bowea Group ... 

Davidaon Pearce — 

Eodia Holdings 

Epicure Holdings ........ 

Eve rod Holdings 

F and C Pacifio Invar Trust 

Folks* Group 

Gsasf 

Hampden Homece re — . 

Harvey and Thompson 

Klgheroft Invat True* 

Juliana's Holdings ........... 

Kellock Trust 

K1 Ion wort Benson Lonsdale 

Kwahu Company 

Kwik-Fit 
Liberty 




London and Metropolitan — 

Lortin Electronics — - 

Marshall’s Universal 

Martin Currie Pacific Trout 

Minet Holdings — ... 

Morgan Crucible Com • MMOMIMMIMI 

Newarthiil — 

Peters. Michael Group ..... — ..... 
Poly pipe .... 


Ratners Group 
RMC Group .. 
SPP 


Sumit — 

Tarmac ........................ 

Tharela ~ 

Tibbett and Britton 

Tilbury Group 

United Newspapers — ..... 


»M. 

Tuesday 

1.1 

3.5 

.... 

Wednesday 

6.0 

ion 

■ see 

Tuesday 

— 

an 

aaee 

Thursday 

04 

0.4 

i— a 

Monday 

3.3 

5.2 

>••• 

Wednesday 

1J0 

a.5 

.... 

Tuesday 

3J3 

6.0 


Thursday 

0-4 

Z2 

Ma| 

Wednesday 

06 

rs 


Tuesday 

— . 

4n 

•aoa 

Wadraidiy 

1.7 

<0 

HHI 

Friday 

1.5 



Monday 

1.7 

23 

MS, 

Wedsmadsy 

ok 

an 

IMl 

WodiMsday 

r— 


■•■a 

Thursday ■' 

4-0 

13.0 

■■M 

Tuesday 


in 

rose 

Tkindsy 


6n 

aa-a 

TUeadsy 

OA 

0.6 


Tuesday 

■ •+ " 

IJi ■ 

MSS 

Friday 

— • 

• ■ ■ 


Tuesday 

2-5 

6.0 

.... 

Thursday 

3.0 

sn 

I... 

Tuesday 

— 


I... 

Monday 

2.0 

4.4 

1... 

Tuesday 

03 

0.4 

I... 

Tuesday 

in 

a.o 

.... 

Thursday 

1J2 

1.8 

.... 

Wednesday 

. — 

— 

.... 

Tuesday 

— 

03 

.... 

Thursday 

1.7 

3-2 

.... 

Thursday 

DA 

0.7 

—a 

Tuesday 

on 

in 

.... 

Thursday 

— 

1.0 


Wednesday 

0.5 

i.i 


Tuesday 

1.7 

•u 

■■■ 

Thursday 

1.0 

— 

!■■■ 

Wednesday 

DJ 

1.3 


Monday 

— 

0.1 

IMt 

Monday 

Bn 

6.7 

ia.a 

Wednesday 

- — 

1.4 

.... 

Tuesday 

1.0 

1.2 

.... 

Friday 

in 

7.2 


Thursday 

— 

an 

!■■■ 

Thursday 

1-0 

a.o 

.... 

Monday 

1.0 

in 


Tuewiay 

— ■ 

Q.3 

■a. a 

Tuesday 

3.4 

on 

aa. 

Monday 

4.2 

6.0 


Thursday 

— 

i2n 

.... 

Wednesday 

1.0 

in 

... 

Wednesday 

0.5 

i.i 

... 

_ Monday 

1.6 

4n 

M. 

Tuesday 

1.0 

3.0 

... 

Thursday 

2.5 

6.2 

... 

Thursday 

1.7 . 

3n 

... 

Monday 

0.3 

0.7 

... 

Wednesday 

1.7 

3.7 

••a 

Monday 

5L5 

13 

... 

Monday 

in 

4.3 


Wednesday} 

2 n 

10.6 

•a. 

Wednesday 

— • 

— 


Wednesday 

1.8 

sn 

• a. 

Thursday 

en 

ion 

... 

Thursday 

4.8 

7JZ 

IM 

Tuesday 

1.7 

4n 

... 

Thursday 

1.0 

2.1 


Monday 

2 Jt 

5.0 

• a. 

Wednesday 

— 

3.0 

... 

Tuesday 

3.0 

— 


Watmougba Holdings ............. 

Whatman Raeve Angel 

Worcester Group 

World of Leather .... 

Yule Catto 

• Dividends are shown net pence per stars and are adjusted for any Inter- 
vening script taauo. t Grass par sham. 


to the sea and the company 
plane to process the limestone 
and load It on to ships, which 
would then sail to potential 
markets on the east coast of 
America- . 

Lime stone is widely used in 
the construction industry and a 
combination of a building boom 
and dwindling mainland sup- 
plies of the mineral makes 
Explaura believe that there will 
be a ready market for its pro- 
duction. It also believes that 
the lower costs of transporting 
its materials by ship will give 
it an advantage over its land- 
based rivals. 

Output will not begin in 
earnest until 1989, building up 
from then to the medium term 
target of 4.2m tons a year. In 
the long term, the group hopes 
to develop markets in the UK. 

The CS22m (£10m) cost of 
establishing the project will be 
part funded by a low interest 
rate loan, with the stock mar- 
ket float raising just under 
£5m to make op the difference. 
Henry Ansbacber and CXSS 
Securities are offering 18m 
shares, 17 per cent of the 
at 32p each, putting a 
value on tile company of £33m. 

It is very hard to say whether 
32p is an attractive price. It 
is impossible to value the shares 
on the basis of a price/ea m ings 
multiple since there will be no 
income stream until 1989. 
Robertson Research, a branch 
of Coopers 8c Lybrand, has 
used discounted cadi flow tech- 
niques to place a value on the 
reserves of between £23m and 
£30m, below the.proposed mar- 
ket capitalisation.' ' 

However, the shares were pre- 
viously traded on the 535 (3) 
market the Stock Exchange's 
fo r um for exploration com- 
panies, and reached around 45p 
before suspension. So against 
that background, 32p does not 
look an excessive price. 

Fart of Explanra's credibility 
gap is that other USM green- 
field companies have bad dismal 
records— -from the collapse of 
Hesketh Motorcycles In battered 
survivors like Nimslo 3-D and 
Bio-Isolates. 

EXplaura differs from most 
of the other start-ups in that it 
depends not on some new- 
fangled product but on a com- 
modity in everyday use. Mar- 
keting reDorts suggest that the 
group will not need to grab a 
massive slice of the limestone 
aggregates market 

"As a greenfield nroject ft 
is very risky bat it’s slightly 
more believable than most” 
says Marion MacBryde, an ana- 
lyst at Hoare Govett “I don’t 
doubt their technical ability to 
start the quarry nor do I doubt 
that they can get the ships to 
transport the limestone hut Fm 
not quite so sure about their 
long-term demand projections." 

The message seems to be that 
first time investors, and the so- 
called "widows and orphans” 
who like avoiding risk, should 
give Explaura a miss. Hard- 
ened punters might be tempted 
to gamble. 

Philip Coggan 


INTEREST RATES: WHAT YOU SHOULD GET FOR YOUR MONEY 

Compounded return Frequency Tax Amount 

footed for taxpayers at of (see invested Withdrawals 

rate % Z7% 45% 60% payment rates! £ (days) 

CLEARING BANK* ” " ~ ~ 

Deposit account 

High interest cheque — 

High Interest cheque — 


High Interest cheque 


High Interest cheque 


3.70 

3.76 

Z79 

2J02 

monthly 

1 

_ 

0-7 

6J0Q 

6J.7 

432 

3L29 

monthly 

1 

1,000-4,999 

0 

630 

6.49 

4.75 

3d45 

monthly 

1 

5,000-9,999 

0 

6.70 

6.91 

5D5 

337 

monthly 

1 

10^0049,999 

0 

7 .00 

723 

523 

334 

monthly 

1 

50^)00 minimum 

0 


BUILDING SOCIETY! 

Ordinary share 

High Interest access 
High Interest i 
High Inter es t access 


High Interest access 

90-day ...... — 

90-day 

90-day 


530 

5L06 

331 

277 

half yearly 

i 

1-250,000 

0 

6.75 

6.75 

5.09 

3.70 

yearly 

i 

500 mhrimimi 

0 

7D0 

7.00 

537 

334 

yearly 

i 

2,000 mbitmum 

0 

730 

730 

5.65 

431 

yearly 

i 

5JNX) minimum 

0 

7.75 

7.75 

534 

425 

yearly 

i 

lOJXXl mininum 

0 

7.75 

7.90 

5.95 

433 

batf yearly 

i 

500-9399 

90 

830 

R16 

6-15 

447 

half yearly 

i 

10^300-24,999 

90 

8 25 

8.42 

634 

431 

naif yeany 

i 

25/300 mUdmam 

90 


NATIONAL SAVINGS 


Investment account — 

Income bonds 

K i. | ^yuL 

... 1030 
1030 
_ 1030 

730 

8D4 

737 

7D0 

700 

7X32 

530 

6-06 

5.78 

7.00 

7.00 

732 

4JI0 

4.41 

430 

7.00 

730 

7X32 

monthly 

yearly 

not ctopHcs&te 
not applicable 

quarterly 

2 

2 

2 

3 

3 

3 

5-100,000 

2,000-100,000 

100-100,000 

30 

90 

90 

8 

14 

8 

33rd baict — 

7.00 

730 

25-1,000$ 

2O20(Mnoflth 

General extension 

732 


MONEY MARKET ACCOUNTS 









Schroder Wagg 

_ 640 

639 

4.97 

3L61 

monthly 

1 

2300 mtntmtmi 

0 


_ 734 

736 

5.77 

439 

monthly 

1 

1»000 mkibnum 

0 


BRITISH GOVERNMENT STOCKS* 

5pc Treasury 1986-89 — 

8pc Treasury 1992 — 

IOJ25pc Exchequer 1995 . 

3pc Treasury 1990 

3pc Treasury 1992 

Index-finked Hpc 1992| - 


834 

733 

639 

5-40 

tetf yearfy 

4 — 

0 

9.90 

734 

634 

4-89 

half yearly 

4 — 

0 

10.06 

731 

5.48 

3.95 

half yearly 

4 — 

0 

739 

632 

634 

5.76 

half yearly 

4 — • 

0 

837 

725 

6-64 

633 

half yearly 

4 — 

0 

7.73 

737 

630 

6.49 

half yearfy 

2/4 — 

0 


COM PANY NEWS SUMMARY 

TAKE-OVER BIDS AND MERGERS 


Hdrir 


VataaaT 
Ud per 


Price 


Wat 

rftU 


bU 


Wmata] 

Appledore (AAPO 409 
*g*t«n Bldgs 199 
Barham Group 2RS 
Buckfeys Brewery 192*$ 
Cheshire Whlfif* 280" 


CPU Computer* 
Deritend Stznpng 
Equity & Law 
Equity* Law 

GuinneM Peat 
Hampton Trust - 
Hawtal Whiting 
Huadet 
Kent (John) 
Mercantile Bril 


92* 

673 


116* 

120 " 


120 

600$ 


Pres Entertaimat 308$ 

Kitn y ^faring 165** 

Stewart Wrightsn 547$ 

Stone Intel 112 

8tathsxt & Pitt 255 


seeoleaincn 

378 232 

178 

185 

351 

J02 

205 

175 

270 

255 

198 

190 

S3 

89M 

621 

545 

417 

350 

417 

350 

121 

111 

32 m 

138 

805 

435 

©0 

485 

122 

105 

571 

488 

206 

192 

300 

241 

425 

145 

548 

BOCftt 

103 

154V4 

233 

117 

178 

148 

297 

303 

5»lf5 

186 

124 

91 


14.44 

9680 


7293 US BPS 


1 Parties 
(Alfred) 


1422 Wl 
89.42 

14SZ 

35.49 Cfccb&Bant 
36648 BrieriCT Inw 
40180 CffpieD alg 
35836 

lfiftOO A»w* 

3457 RntSwOmp 
783 Tdtos 
14.40 B e ring 
56680 Brit & CcmwKh 
3648 Blacks Leisure 
6649 H — l —a 
615 Mr B- BandeD 


2100 HcJUfl 
751 Cemb Lease Fin 
24100 Thornton Pacific 
1672 Australian Inv Cp 
3656 Jtmsa 8c Fib Bwn 


* Lloyds Bank, t Halifax 90-day; Immediate access for balances over £5,000. $ Special facility for etfra £5,000. $ Source: Phillips and Drew, f Assumes 45 per cent 
Inflation rate. 1 Paid after deduction of conpcstteRte tax, credited as net of basic rate tax. E Paid gross. 3 Tax free. 4 Dividends paid after deduction of basic rate tax. 


Tech for Surinam 180 
TB P acific Baste T1 
Wilis Group 190* 

Wbodhse & Steam 130 — 

•All offer. tCash alternative, i Partial bid- 4 Fw capitalnot 
already held, f Unconditional ** Based on 220 pm pnres *8«*L It At 
ton. S# Shares and cash, fl Related to KAV to be determined 
Stock. # Suspended. 


PRELIMINARY RESULTS 




os 


Abaco Inv 
Artnoor Trust 
BeBwinch Grp 
Benchmark Grp 
Butted Grp 
Gala 

Chutes & FBrgus 
Con Gold Fields 
Macro 4 

Hertade Moore 
MzUer & STuuse 
MndUtow A. & J. 
Schales, G. H. 
Shanks riMeEwu 
WiMfinnfc Grp 

ffl g ii tf Iitfl 

West Fork Ind H* 
ffritvMl Inv 


Jane 

6,550 

0341) 

23 

<L© 

0l4 

(0© 

Apr 

L200 

<55© 

3.4 

<2© 

— 

(— ) 

June 

4,750 

(238© 

1L4 

mzm 

LO 

(-) 

June 

L330 

(1.430) 

2.6 

(33) 

LB 

<L© 

June 

773 

<34© 

53 

03) 

03 

(-) 

June 

4390 

©41© 

103 

<8.© 

22 

a© 

June 

.628 

(201) 

10.8 

(3© 

■ 2.7 

a© 

June 

244.400 

01030© 

823 

<35.1) 

1&0 (163) 

June 

4310 

03303 

1L7 

(73) 

23 

©7) 

June 

6350 

0240) 

32.1 

07.© 

43 

(33) 

June 

6U 

005) 

SL5 

CL© 

23 

<-) 

June 

6^)10 

©47© 

83 

(7.0) 

53 

C5A) 

June 

6330 

<5340) 

313 

tiia 

143 (1L© 

Mar 

7350 

<2,70© 

— 

«-) 

233 (9.1) 

Mar 

168 

058) 

— 

(-) 

03 

<0© 

June 

1460 

<23© 

10.0 

(23) 

LI 

(05) 

June 

709 

mzj 

10.6 

(9.4) 

43 

<4.0) 

April 2£40 

084© 

24 


L7 

a© 


INTERIM STATEMENTS 


Batfyaar 


tsm 


paratarotpt 


Abehcot 

Addison Cnsltecy 
Allied Ins Brokers June 
AFP Baker 
Aurora 
Baird nhiiibi 
B anra Ind 
!»«*■" 

Baynes, Cteries 
Slate A Battersea 
Bladders 
Bsrid IsnlntM 
Brake Bra 
Brent Chemicals 
Brides 

British Mohair 
Bri rtoa Estates 
B ra wn Bvr Kent 
Ckndovo- Inv 
.Cterise NL, Corahs 
Costs Vlyeil* ... 

People 


CPU Computers 
■ Croda Inti 
••Sssrids,*.- •••'•• 
Deli* Gram 
Desoutter Bra 
DBG 

EB3 Group 
Ebwlck 
Enterprise OR 
Bnrapean hate 
Fergabraek 

Pisans 

FlfenrUfam 
Garton Eng 
Guinness 

Wall Bn ri —uri u i y 

Rail, Matthew 
Hollis 

Hnntlelgh Tech 
Iceland From H 
Junes A Rhtpman 
Man Grasp 
KCA Drilling 
Laird Group 
Lancaster 
Lapurte 
LA8MO 

Legal & General 
Ledge Care 
Lowe Hwrd Spink 
M agn ol i a Group 

Matthews, Braid 
Maybarn Group 
MeLgUn ft Hr*y 
Metrett Hides 
BDss World 
MoUns 

M8 Cash A Carry 
Mysoa Grasp 
New London Prop 
Next 

Feny Group 
Ftttard Garner 
KecUtt ft Chian 
RX2 

Ryan Hotels 
Sect Heritable Tst 
Simon Engnrag 


Sutherland 
Systems 
Top Value 
Travis & Arnold 
T. is. Stem 

UCL Group 
United Biscuits 
Ward White 
Warringtons 
Western Motors 
WitUs A ffUber 
Wills Group 
Wilson Bowden 
WoThehne Wafc 
Wsohrarth HOdgs 


_ * Dividends are shown : 
wise indicated. LLoas. 


June 

510 

<281) 

LO 

June 

4300 

a7i© 

09 

June 

330 

084) 

— 

June 

16200 

0020© 

8.0 

June 

5,080 

(424© 

06 

jane 

7370 

<620© 

49 

Jane 

1380 

(851) 

L9 

July 

3340 

(241© 

— 

Mar 

8B3L 


— 

June 

281 


L5 

June 

1,730 


. 2.7 

June 

441 

(291) 

— 

June 

2350 

■vT’-^y 

08 

June 

4300 

021 © 

LI 

June 

5200 

B 1 

L5 

June 

2470 


L4 

June 

6,040 

m 1 

33 

June 

6420 


L5 

June 

474 

<41© 

S3 

June 

720 

(407) 

U 

June. 

- 81300 


.22 

June 

1 JOBSS 

<510) 

12 

July 

Jime 

June 

182 

710 

14200 . 

1:41 

13 

3.4 

Juxur 

468 

081) 

12 

Jute 

30270 

07 20© 
0.45© 

23 

June 

2250 

2.7 

June 

24.600 


4.1 

June 

4,130 

029© 

22 

July 

403 

m K: l 

— 

June 

37.400 

mi'-- 

43 

June 

2300 

(43009L 

_ 

June 

771L 

0.154HJ 


June 

44,600 

R f: <r7iVM 

15 

June 

1200 



June 

427 


12 

June 

151200 


S.0 

June 

5430 




June 

633 

075) 

13 

June 

4,440 


LO 

June 

188 

<435) 

05 

July 

3460 

0U71O) 

L4 

June 

537 

(752) 

LI 

June 

558 

■ r > ’ i)Mp 



June 

2360 




June 

14280 


34 

June 

1250 

mKTTnTMrai 


June 

34300 


44 

June 

20,700 


2.5 

June 

36.700 

08,775) 

33 

June 

348 

042) 

02 

June 

4,750 

m 1 rV/MI 


June 

563 


1A 

June 

2,470 


32 

July 

6410 


- 06 

June 

911 



June 

673 

014) 

22 

June 

June 

If 

<5.03© 

a67> 

23 

June 

3400 

<420© 

22 

July 

207 

(464) 

LI 

June 

7200 

0,70© 

2.0 

June 

1290 

025© 

OO 

July- 

30200 

0020© 

22 

June 

2250 

0,790) 

OO 

July 

3200 

( — ) 


June 

74250 

<5927© 


June 

254200 

02930© 

83 

Apr 

600 

(499) 

02 

June 

3200 


23 

June 

9,400 


2.7 

June 

13200 



June 

12300 


12 

June 

165 

060) 

03 

June 


020© 

L7 

June 

467 

090) 

LO 

June 

7,060 

(421© 

L3 

June 

1260 

042© 

08 

June 

512 

(358) 



99200 

(4720© 

43 

July 

20400 

0020© 

2.6 

June 

855L 

(—) 


June 

412 

(407) 

m 

June 

46200 

(47.78© 

33 

June 

779 

0280) 


June 

5200 

046© 

L3 

June 

July 

L340 

27200 

0460) 

0020© 

4.0 

3.0 

June 

601 

(482) 

07 


(-) 
COB) 
(— ) 
a© 

(05) 

(4® 

a© 

(-) 

(-) 

<-) 

CL© 

(-) 

«-> 

a© 

05) 

0-2) 

(-) 

02 ) 

O© 

O© 


a© 
€— > 
<3.© 

a© 

<Z5> 
O© 

o© 
(-) 
05) 
*-) 
(— ) 
o® 
(-} 
o© 
<-> 
<-) 
07) 
(— ) 
(0© 
02 ) 
o« 

(0.5) 

( — ) 
CL© 
(-) 
<m 
(-) 
(3-1) 
<-) 
(-) 
OZ) 
£2© 
©.© 
(-4 

a© 
(— ) 
05) 
CL© 
OD 
05) 
(7© 
(-> 
CL© 
(-) 
(-) 
a© 

©5) 

o© 

(2.7) 

all 

o® 

07) 

w 

Ol) 
©. 7 ) 
<-> 
o© 
a© 
(-) 

H 
GL5) 
C-) 

(-1 
07) 
M 
( ) 

■re for tile corresponding period.) - 
at pence per share, except where other- 


RIGHTS ISSUES 

€«rajrichB^ 

clflcSrira are to raise n5fim via a three^eight rights issue 
fi^e have announced a £207m rights issne, 

are to be offered on a five-ibr -14 basis, suurea ax & 

Warringtons are to raise EZJSm via a one-for-one rights 


OFFERS FOR SALE, PLACINGS AND 

INTRODUCTIONS 

Bute Resnirees are to raise £&Rm via a Dlaclne. 

Srffte tK fe r 1 * , ra S«. £ *£ 3m ria ? rendS placing. 

«o lorn tt* DSM vi. . ^ a 

Bw Plate ia to raise £14m 1 qr a 






WEEKEND FT m 


■ ----- • - 



Financial . Times Saturday September 19 1987 


MARKETS 


av* 

sgsb 

ss ^ 

if* 

II s 

*43 S*Vr 



ig < 1 

r^Los tPw.. 

ttSfi §38$ 



"t S® 

a* m ur 

| a \i 

I |l> 

I |p 

L L! S»ls 

"■• r J s S* 
l 3 . 6 8 & 
u mi 8S 


u 


17 : 

u - 


: fjc* 

S4 


U 

-r.c 

a 

; xSv 1 

a ■* 

re.a 

ii 

jx- 

24 


— 

3SE 


: A V L 

— 


— . 

pin 

U 

Sj- 

U 

C MS; 

S3 

:.c; 

— 

73 _ 

13 

12 


f 5 

. 

ii 

^-r«7 

u 

is: 

■“ " 

) ] 

n 


— f 

c 

i 


2s -*\ • 

i.:>JL‘ 


iS. 


•M 


3S V 

-VO 


*^y _-*■- 


jut 

•*: 

■ ,'iX' 

i -■_'■' 

*4- 


. >■■ 
.’-•‘ji? 


y 


ffj r 

25 % 


15 i 
C3 f 
i " i 

17 £ 

SJ r 

S \ 

- e r 

~ s 


‘ V i*' V) 

- --rC-v - -p 1 

ex** 





. . . 



circle 

in vain 

IN VIEW of its reputation for 
glorious upsets and thrilling - 
numerical distinctions, the 
Tokyo stock market has been a 
major disappointment recently. 

Earlier this month, foreign 
and domestic ghouls were circl- 
ing over a -little-known chemical 
company that had lost a bundle 
(nearly $200m) in the bond 
futures market More financial 
collapses were sombrely pre- 
dicted. The Nikkei stock aver- 
age nervously shed more than 
1.000 points in the first week of 
September. 

However, the collapse many 
foreigners have been expecting 
for months did not materialise. 
The index closed yesterday at 
24,844. only 4 per cent off the 
latest peak set on September 1. 

The Japanese practice of 
zmtccft (heavy financial specu- 
lation by widget-makers) con- 
tinues. So far, ztdtech’s possible 
perils have left the stock 
market unaffected. Indeed, 
while the index has remained 
relatively calm, volume has 
been strong. Trading in just 
three stocks accounted for 40 
per cent of turnover yesterday, 
which totaled around 1.6m 
shares. Shares of selected 
heavy Industry stocks are 
moving upwards. Some, like 
Nippon Steel, appear to be 
regaining their previous peaks 
reached last April. 

Nonetheless, foreigners have 
been consistent sellers of 
Japanese equities this year and 
only the die-hards are left' 
Worries reached a crescendo 
among foreigners in the spring 
and again in mid-summer. The 
high yen and heavy reliance on 
financial speculation was going 
to be the undoing of some of 
Japan’s big names: The market 
was too high; the. economy too 
uncertain. 

Today, industry appears to 
have weathered the worst of 
the high yen storm. The cur- 
rency seems to have settled 
into a less volatile relationship 
with the dollar. The Japanese 
economy is rapidly picking up 


Tokyo 

Nikkei Average fOOQ) 
26.0 


25.0 



24.0 


23-0 


steam, led by housing, construc- 
tion and consumer spending. 
Manufacturing companies are 
concentrating on profitability, 
not . market share. And the 
rationalisation prompted by 
this, change is orientation is 
now almost over. 

It would be a brave indi- 
vidual, however, who would 
smirk at the faint-hearted 
foreigners. Their remaining 
holdings, of course, have in- 
creased in value. And a major 
decline, or even collapse, could 
still be in the offing. 


Tokyo 


The outlook still seems to 
depend on Tokyo’s most con- 
sistent fundamental — the supply 
and demand of money. Ironic- 
ally, the level of money flowing 
out of Japan has been a prime 
indicator of the money avail- 
able for the TSE. Indeed, the 
uneasy feeling underlying the 
market since the first of the 
year has been largely the result 
of the huge fluctuations in capi- 
tal outflows. 

Late in spring, the dollar’s 
drop against the yen caused 
Japanese investors virtually to 
stop buying US government 
bonds. Purchases climbed back 
up to new highs by mid- 
summer but fell bade sharply 
last month. Simply put. when 
less money flows abroad, more 
is available for the TSE and 
share prices go up. 

Analysts are split on the 
future direction of capital 
flows, depending on their out- 
look on interest rate and cur- 
rency movements. There is more 


agreement on domestic money. 
The Government has announced 
that, in November, it will be 
seeking more than Y5^0Obn 
($36.4bn) through the sale of 
the second tranche of shares of 
Nippon Telegraph and Tele- 
phone in November. The first 
tranche was a Mt Fuji-sized suc- 
cess, so the second is expected 
to go equally smoothly. 

Further, new financing by 
Japanese banks is estimated to 
absorb about Yl,200bn this 
year, while next year’s sale of 
shares in Japan Air Lines is 
reckoned to take up about 
Y620bn. At the some time, life- 
insurance companies are now 
showing more interest in lend- 
ing their money, to consumers 
and the like, rather than 
stuffing it into equities. 

On the supply side, however, 
a stunning amount of liquidity 
has been building up. Tokyo’s 
call money market is now 
valued at about Y17,000bn, 
with nearly 80 per cent of that 
money accounted for by various 
domestic funds and investment 
trusts. 

All this leaves analysts fairly 
cautious. Some sectors, such as 
blue chips, continue to do well. 
Most stockbrokers are holding 
fire on major recommendations, 
however, pending the outcome 
of the portfolio strategy meet- 
ings now taking place at the 
leading brokers in Japan. 

In Tokyo, despite the influx 
of foreign brokers on the stock 
exchange floor, the buying 
trends are still set by the big 
Japanese houses. And even 
when the trends don’t make a 
lot of sense to the outsider, it’s 
still prudent not to ignore 
them. 

Carla Rapoport 


Commodities beckon 


COMMODITIES have not been 
the obvious -choice for most 
investors in the UK since the 
last boom in prices in the eatiy 
1970%. But, with the market 
turning up Tor a Brtfihf xange 
of productsythe much-maligned 
commodity sector oouhFstart to 
attract a h growing: „ .public- 
participations 

This has definitely been the 
case in the US, where investors, 
wary of some inflationary 
trends in the economy, have 
this year rushed towards 
precious metals and are becom- 
ing more active in the rest of 
the commodity sector. US 
investors are enthusiastic about 
renewed growth , in commodity 
prices, which tumbled last year 
to their lowest levels since the 
Depression. 

The US Commodity Research 
Bureau’s Index of. 26 commodi- 
ties Is still behind its 1980 high 
of 337 points (1967 = 100), hut 
is well up on last year. The 
index is now at. 228, slightly be- 
low this . year's peak of 244 
points in May. but showing a 
strong rise from below 200 in 
July last year. 

Ever watchful for a favour- 
able trend in the marketplace, 
the US public placed a lot of 
its confidence in precious metals 
earlier this year, spurred on by 
fears of inflation and a falling 
dollar. These moves may have 
made some money as gold and 
silver prices moved upwards. 

But precious metals investors 
tend to take the long view, buy- 
ing the physical metal and holdr 
ing on to it. “Like most inves- 
tors, they have a hard time . 
betting that gold and silver will 
go down, and this can cost them 
a lot -of money,” one discount 
broker said. . . ' • 

Silver prices have drifted 
from a high of $11 a troy ounce 
in May to around the $7 mark 
- — -stall higher than last year's 
$5 an ounce. The gold market 
has been quieter of late than 
the fundamentals in the market 
would seem to dictate, but is 
nevertheless up at the $456 
mark from the $390. an ounce 
reached earlier this year. 

Many private investors put 
their money into gold Or silver 
coins earlier this year, and 
Citibank says it saw a surge of 
interest in its gold bullion pro- 
gramme, which is aimed ■at the 
small investor. Although 
interest in precious metals has 
cooled a little' since price rises 
levelled off the banks believe 
many -private- individuals are 
waiting on the tidelines. 


• On the other hand, copper is 
seeing a definite upward trend 
with prices at around - 80 cents 
a pound ami predicted by some 
analysts to break the $1 .per 
.pound ‘level before; six months 
is out. However, participation , in 
copper futures and options, as 
with ipost commodity- 1 futures 
markets;- is strictly for the well- 
capitalised. 

Merill Lynch, for example, 
demands a $20,000 minimum 
deposit for investors wishing to 
open an individual futures 
account, says Tom Lane, vice- 
president for commodities mar- 
keting. This must be augmen- 
ted by a net worth of $200,000, 
excluding equity in the home, 
and an income of $50,000 a 
year. 

Given these parameters, the 
brokerage house is aiming at a 
well-heeled, upper middle class 
market and many of these 


US investors watch 
for favourable trends 
as precious metal 
prices move higher 


people are currently returning 
to the commodity markets. 
Lane says. After a surge in 
interest in the late 70s, interest 
in commodities tailed off until 
this year, he says,, when com- 
modity prices started to 
improve. • 

US commodity exchanges 
say they are now seeing a 
return of major public interest, 
given the improvement in -the 
overall trend of most . com- 
modity prices, with the notable 
exception of some food com- 
modities. 

Where the futures investors 
put their money can vary- 
depending on individual 
interest. A dentist watches the 
precious metals markets per- 
haps because he uses them at 
work; Lane explains, . while a 
farmer will be more interested 
in agricultural commodities. - 

Lane- sees no hot favourite 
at the moment Commodity 
intranest can reflect geographi- 
cal factors as well, he points 
out, “If you live in Florida 
you may have a feeling about 
orange juice." 

On top of the renewed 
futures interest, a growing 
number of sophisticated pri- 
vate investors have been test- 
ing the waters of the US 
options markets. Once these 


markets are understood by the 
individual Investor, they can 
become very attractive, brokers 
say. There is the potential for 
almost, unlimited gains by 
taking a- limited . risk, given 
that an options premium is 
usually much smaller than the 
capital, needed to enter; gie 
futures 'hjarkef . ’ ' 

The smaller US investor win 
often be steered by lira big 
brokerage houses towards com- 
modity funds. But these funds, 
which require an initial deposit 
of , $5,000, are recommended 
for those investors who already 
own a diversified securities 
portfolio as well as some bond 
holdings, brokers stress. 

They do not advise first-time 
investors to put money into the 
diversified funds, which usually 
include some financial lutres 
products as well as individual 
commodities. However, they 
can yield 30 per cent a year if 
a few of the big commodities 
are doing well. 

The interest in precious 
metals and capper has also seen 
renewed growth in prices of 
mining stocks, most of which 
are reaching the point where 
they are nut far from being 
over-priced, according to John 
Gross, who runs his own metals 
consulting firm, J. E. Gross and 
Associates. 

Two copper companies that 
have seen real benefits from 
the move in copper prices are 
Magma Copper and Phelps 
Dodge, which adds an addi- 
tional $10m to its Income for 
every 10 cents rise in the 
copper price, he said. 

Aluminium companies such 
as Reynolds Metals and Alcoa 
are seeing a higher price for 
unfabricated aluminium ingot, 
which is trading at just over 
80 cents a lb, from a level of 
54 cents per lb earlier this year. 
But these companies are not 
_ likely to benefit as much as the 
.copper producers because they 
have- increasingly distanced 
themselves from the commodity 
side of the business in recent 
years and moved into the 
higher value fabricated sector. 

For the investor who wants to 
put his money into something 
more offbeat. Central States 
Metals in Texas is selling a 
Tange of esoteric minor metals 
in half-ton packages. “Inves- 
tors like to hold something 
tangible, like a ton of gallium 
or indium,” company president 
John Rodrinstein points out. He 
says these strategic metals can 
give very high yields. 

Deborah Hargreaves 


Claret prices below best 


CHRISTIE'S FIRST, fine claret 
sale of the autumn season 
showed good trade support and 
brisk bidding-, but many prices 
of popular growths were below 
their best this year, as can be 
seen by taking representative, 
wines of the highly esteemed 
1961s, the senior 1966s and the 
recent 1983s. This week’s figures 
per dozen- are followed in 
brackets by the highest this 
year in the two leading London 
salerooms. 

1961: Mouton Rothschild— 


W WW (£2£00), Marganr £L700 
(£2,050), ChevatBJane £1,550 
(£1,850), Palmer £2,000 (£1,350 
six bottles), Cos d’Estonmel 
£640 (£720), BeycheveUe £660 
(£720), Lynch-Bages £620 
(£650). 

1966: Lafite £800 (£750), 
Latoor £850 (£850 magnums), 
Jtaiton Rothschild £820 (£850), 
Haut-Brlon £700 (£600), La 
Mission Haut-Brion £680 (£800), 
Palmer £780 (£680), Bey- 

chevelle £310 (£360), 


1983: Lafite £350 (£360), 
Latour £300 (£320), Mouton 
Rothschild £280 (£420), Haut- 
Brion £210 <£280), Cheval-BIanc 
£260 (£320), Palmer £210 in 
bond (£810), Plchon-Lalande 
£160 (£290), Cos d’Estournel 
£145 (£135). - 

Even the sought-after Petrus 
went for less: its *66 made 
£2,000 a dozen (£2,600), and 
the 1078 £1,100 (£1,400). 

Edmund 

Penning-Rowsdl 


Restored by strong medicine 


LONDON SEEMED to shake 
off its September sickliness this 
week, thanks to regular doses 
of economic tonic which have 
given the markets a degree of 
resilience and bounce not seen 
for a long time. 

The good news began with a 
reasonable set of wholesale 
price figures on Monday, show- 
ing no evidence of economic 
overheating, and continued on 
Wednesday with statistics show- 
a surge in manufacturing output 
and buoyant government 
revenues — which means there 
are growing prospects for tax 
cuts in next year's budget. 

Thursday brought forth 
figures showing a continuing 
surge in productivity, an up- 
turn in investment spending 
and a revision of the trade 
figures for the first half of the 
year, turning what had been 
thought to be a small current 
account deficit into a small 
surplus. And to cap off the 
week, yesterday produced a very 
good set of money supply 
figures, reducing the market's 
residual nervousness over infla- 
tion and Interest rate trends. 

It is hardly suprising, then, 
that equities should have 
responded strongly. The FT-5E 
100 index, which had spent the 
first two weeks of the month 
trading flatly, took off, pierced 
the 2300 barrier for the first 
time since early August and 
closed last night at 2328.3 a 
gain of 67.1 on the week. 

Gilts traded somewhat more 
cautiously ahead of yesterday’s 
money supply statistics, with 
yields on long bonds still 
hovering around 10 per cent 
but the good monetary figures 
should help it rally. The gilt 
market's edginess over next 
week's experimental auction of 
long bonds was also reduced 
when details of the issue 
emerged: the £800m of partly 
paid Treasury 9 per cent 2008 
is less than the £lbn that could 
have been asked for, and as an 
existing stock will be easily 
tradeable. 

The week also saw a further 
encouraging flow of company 


l 1300 

FT-Actuaries 


It 200 |£ All-Share Index 



800 


Jan 1987 Feb 


Mar Apr 


May Jun 


Jul 


Aug 


Sep 


results: first half earnings at 
Rio Tinto-Zinc were up 21 per 
cent Coats Viyella saw interim 
pre-tax profits rise 25 per cent 
while United Biscuits claimed 
victory in its US cookie war 
and announced a 24 per cent 
rise in interim profits. 

All of which means City 
analysts are now more hopeful 


London 


of a reasonable rise in the 
market over the next few 
weeks, with suggestions that 
before the end of the year the 
FT-SE might test this summer’s 
all-time high of 2443.4. 

Two substantial clouds re- 
main on tiie horizon: there is 
still nervousness about the 
weight of rash calls being made 
on the equity market — next 
week investors will have to 
decide whether to take up Blue 
Arrow's record £8S7m rights 
issue— and a lot of edginess 
over the state of the US 
economy and Wall Street, 
which could drag London down 
in its wake. 


For now, though, the Govern- 
ment is in the happy position of 
having the markets in relatively 
robust shape to cope with next 
month's £7J5bn sale of shares 
in British Petroleum, which has 
already attracted the interest of 
3.75m potential applicants. This 
week further details emerged of 
the package of inducements 
which will be used to woo small 
investors — 'including a bonus 
issue of shares for those who 
hang on to their allocation. 

Quite the most intriguing 
corporate news of the week, 
however, was the revelation that 
Saatchi and Saatchi, the group 
built up by the eponymous 
brothers Charles and Maurice 
from nowhere to world leader- 
ship of the advertising industry, 
is now aiming to make a move 
into financial services. And its 
ambitions are hardly modest: it 
has approached troubled 
Midland Bank, Britain's fourth 
biggest dearer, with a view to 
taking it over. Rebuffed there, 
it has also been in talks with 
Hill Samuel, the merchant bank 
which has been suffering a crisis 
of confidence ever since the 
breakdown of its merger talks 
with Union Rank of Switzer- 


land. Hill Samuel also gave it 
the cold shoulder. 

The Saatcbis, who have ex- 
panded in recent years into 
business advisory services, such 
as management consultancy, 
now believe that a time of 
global convergence between 
business and financial services 
is upon us. The condusion they 
draw is that their company, 
with its global experience, has 
much to offer the British finan- 
cial services sector, which is 
fighting a ferocious but none 
too successful battle against the 
big foreign battalions. 

There are two extreme reac- 
tions to all this. One is that, for 
all the fancy talking, Saatchi 
has little or nothing to offer 
Britain's banking houses and 
that the company has lost its 
collective marbles in a severe 
attack of hubris. The other is 
that the Saatchis are brilliant 
visionaries whom time will 
prove correct But the sharp 
fall in Saatchi's share price 
this week suggests the market is 
far from convinced by the com- 
pany's rationale. 

Elsewhere -in the financial 
services sector, the week saw 
Equiticorp, the New Zealand 


group, make a modest 5p a 
share increase in its bid for 
Guinness Feat, as well as pick- 
ing up a further tranche of 
shares to take its holding to 39 
per cent. This confused battle — 
which seems to have divided 
Guinness Feat's executives— is 
not yet over. For one thing; 
Robert Maxwell is still buying 
shares in an apparent spoiling 

tactic; for another, the Bank 
of England Is sttU considering 
the suitability of the New 
Zealanders. But it will now take 
an awful lot to stop Equiticorp's 
momentum. 

It has also been a week of 
big purchases by Britain’s 
drinks businesses: Bass, the 
brewer, underlined its diversi- 
fication into hotels with the 
£290m purchase of the Holiday 
Inn chain outside North 
America while Guinness struck 
a £293m deal to buy Schenley, 
the US drinks distributor. Both 
these deals were well received 
by the market as strategically 
sensible and none too expen- 
sive. But Whitbread got a cool 
reception for its £170m pur- 
chase of James Burro ugh, the 
manufacturer of Beefeater gin, 
which was seen as excessively 
costly. 

Meanwhile, one of London's 
longest running takeover 
battles — that for the Pension 
Fund Property Unit Trust — 
ended this week in victory for 
Mountleigh, the aggressive pro- 
perty company headed by Tony 
Clegg. It is Mountleigh which 
served notice some weeks ago 
that it might make a bid for 
Storehouse, the retailing chain 
headed by Sir Terence Conran. 

Clegg expected to say next 
week whether he is putting up 
or shutting up. One theory has 
it that the PFPUT victory will 
cool bis enthusiasm for another 
bid — and some fund managers 
have been lightening their 
Storehouse holdings. But as 
yesterday's management up- 
heaval at the company shows. 
Sir Terence is manning the 
battle stations. 

Martin Dickson 



FI DELITY EASTERN OPPORTUNITIES TRUS T 

Invest in the new 
generation of growth 



< - / \vv«: 


la recent years, the dynamic stock 
markets of rhe Far East have provided 
excellent returns for many investors. ■ 

As the region changes and develops 
further, new, smaller companies are now 
emerging in these markets and, at the same 
time, new markets are themselves coming 
to light The launch of Fidelity Eastern 
Opportunities Trust is timed to capture these 
exciting opportunities — the newgeneration of 
growth companies in the Asian Pacific. 

Hand picked investments ... 

The new Hdelity Eastern Opportunities 
Trust aims to produce maximum capital 
growth from an actively managed portfolio 
of smaller and emerging companies and 
special situations in the Asian Pacific 

One of the key features of the new Tmst 
is that the investment philosophy will be to 
concentrate on individual stock selection. 
This means that you can share in the 
success of companies selected purely oh 
their individual merits — wherever and 
^enever they emerge within 


the region. 


...for fester growth. 


The Managers will be free to seek out the most 
attractive growth investments from all the markets 
in the region —without constraint 

For example, theywill be singling out the smaller, new 
companies in die more mature markets such as Japan, Hong Kong - 
and Singapore where, in recent years, the investment focus has 
been on front-rank blue chip shares and large companies while 
smaller stocks have, until now, latgely been ignored. 

At the same time, the Trust will investin the newgeneration 
Asian Pacific markets, including new emerging opportunities in the 
already dynamic markets of Korea and Taiwan and the lesser known 
markets like New Zealand, The Philippines, Thailand, Indonesia, 
and markets such as China as and when they emerge. 

Fidelity, theFar East specialist. 

As many investors already know to their benefit, Fidelity has a 
record of considerable success in the Far East In fact; we've 
earned a front-ranking rqxnaiion as specialists in this area. 


■M KW TtwrwiqpiAiiow FazAu.mvBsroos 
A anna none far j*af appUaban will nomaDy he uat wftUn5vv 
nanuaHybescniwiiUa ISwoddngdiygofrecriptofiettlrmewThei 

IMeBtyBMOT Opportunities TflKt fc nfi Bite Seed cfierpriceof ~ r , 

1987. Theicater «*• taxf be bought at the ament ddjrafier price Unta nap be sotd on any dyi 
tteUUpite tiding YbawiffKochcictewcwl^^trarUogitoBafflarrecEiTii^ywB'iaiMieea 
eenlHM&AiximwMnBunteorilirwBbclMiied^ByinaMiCTfflbeammitecdiBdicTnfltiiadili 
nine reflected to the usk pice, (moms will reccfcca taxvgodieron JU* March odi feat (ad 15th 
Pcferrmr)— ^ 4 Tr x ’** ****** 1 988. An tafcbd charge of *25*iiIoctaiedlmlie fixed oflfer price 
of note ova wMch the Ha nyw may pay it m u nrmum n> goaBScd totennrtUu lot. Baca are 
mOtUe Bpoo ttqixft. The Trva pqs n man! ctage to die Manges out of income (or opted if 
thac b insufficient iACQae) of L29* pks VAT of the wflue of the find. Tbe Tins Dad anoint 
power Cor ibe Managers woA Thistee, bp sappleneml Deed without suction of » meeting of aft 

hoWe«»t^powatDB*aiff«»e7ft*««*ndtotw*tlcw««Ky«fln»M»«»iedgJ»^talMikine5, 

ataOBM due be penstaed ty Ite OcpHrtnttt of IbA »d ladB^. h> Bidtt efuras ■<> pate 
pixttae. or sales tea or » petson cooottted nrfch tbe Mangos or file TnWtt mi to mte 
chanaea fa the fault in flnewfth die then ament re qi riir umw far wnfrvtad adit WW. Tbc 
Hsaaops nay *tso seek to jcfeioc the objectives of ibe Tnat by fnradng fa traded options. Cbed 
ypof tavesmem prices md ytefafa In tbc Hnmrijl Ttmea. Defy THrgrapfa. Qrecic page V7A and on 
footcT 481506. Trustee: Oydesdale Bade PIC. Mimgai: FUdby lanea tm un Sarins Unfe d. 
Bcgtataed Office; Rtor VlOk. Toabddgc. Kent: TN9 1DY. Kegbmed Company Ntunbo: 2016555. 
The Tru» b 8 wkJer-rwjje investment x defined bp tbc Trustee bnesnnenc Act 19til andbaarinriacd 
by ibe Dqmtflten of Trade and todusny. Member of the UWtTmff AMOchttaL Offcr not open io 
riwiiMi feaip driaBML roUera of the Uniced Scttea or the HcpofaUc of faetand. 


% 




For example, in die past 12 months, our South East Asia Tmst has 
grown 80. 696* and^ over 5 years, the offer price of Fidelityjapan Trust 
basgroum 623- t% m * making it the second top performer of all unit trusts 
over the period. 

A key demem in Fidelity’s investment success is the access we 
have to local knowledge through four oFFidelity’s affiliates’ offices 
strategically located in the Asian Pacific Basin. 

- last year alone, local Fidelity analysts made over 400 company 
visits in the region making them better equipped to spot the new 
opportunities. 

Higher risk. Higher reward. 

Many of the Asian Pacific markets are characterised by 
high^ volatility and the Trust is best suited to investors who 
are prepared to accept a higher levd of risk in return for 
higher potential long-term rewards. 

Fixed price offer! 

Must dose 9th October 1987. 

Fidelity Eastern Opport u nities Trust is offered 
at the fixed price of 25p per unit until 9th October 
1987. 

To buy your units or for further information, 
call our investment advisers now, free of charge. 

We’re open today and every day, 7 days a week, 
from 9 ajn. to 9 p-tn. Alternatively, contact your 
professional adviser ex post the coupon, together 
with your cheque, to Fidelity. 

Remember, the price of units 
and the income from them can go 
down as well as up. 







"Offer to ofler 16.9.86 to 16.9.87. 
••Offer to ofier 15.9-82 to 16-9-87. 
Source; OPALSiadsiics. 


Callfree Fidelity 

0800 414161 


l auulu ggWTfcMfar 


OPEN 7 DAYS 

9AM-9PM 

To: Fidelity Investment Services Limited, 

PO Box 80, River Walk , Tonbridge, Rent TN9 1DY. 

I wish to invest [a j in Fidelity Eastern Opportunities Trust at the 

offer price rulirig on receipt of my application. Units are available at the fixed 
offer price of 25p per unit until 9ih October 1987. 1 enclose my cheque made payable 
to Fidelity Investment Services Umiw*l. Minimum investment £1,000. 


(UmuRMlun imeappbaoi *tnu*dj0il 

Surname Mr/Mrs/Miss - 
tUhxkteKnpkasr) 

First NameisJ. 

Address. 


.Date. 


FT 18 




MAKING MONEY MAKE MONEY 


•T 





, »■. \ f 




-1^1 


IV WEEKEND FT 


Financial Times Saturday September 19 1987 


FINANCE &THE FAMILY 




Early birds 
get BP edge 


WHAT MAKES nearly four 
million people register as 
potential new shareholders of 
BP? The oil major’s £7ibn 
share sale is at least a month 
away, but the BP Share Infor- 
mation Office said this week 
that the total registered had 
passed the 3.75m mark, with 
new enquiries still running at 
over 150,000 each day. 

The answer is that they got 
an option on the shares at no 
risk to themselves, said Simon 
Linnett of the Government's 
financial advisers, merchant 
bankers N. M. Rothschild. 

Individuals who register with 
the Share Information Office, 
before a cut-off date yet to be 
announced, will be sent a pros- 
pectus and a personalised, pri- 
ority share application form. 
Having identified themselves in 
the run-up to the offer, adds 
Linnett, they will also get more 
information than the average 
applicant. 

If they duly apply, using the 
priority farm, they will be 
guaranteed an allocation of 


shares, no matter what the de- 
mand may he, and preference if 
heavy demand results in appli- 
cations being scaled down. 

Private investors in the share 
sale will be offered a package 
o£ other inducements: 

• The rmsimiHn investment is 
to be around £250, the lowest 
initial investment since the Bri- 
tish Gas privatisation last year 

and also lower than that for 
most secondary offers, said 
Anthony Alt, a director of 
Rothschild. 

• The miiri mnm first instal- 
ment will be no more than £100, 

• Payment is to be in three 
instalments spread over 18 
months. 

• There is to be a bonus issue 
of one bonus share for every 
10 shares bought in the offer 
and held for three years, up 
to 130 bonus shares. 

Rothschild said that Che 
Government do not just want 
a lot of money for their shares. 
It said that the terms, especially 
the inclusion of the bonus share 
clause, are intended to engen- 



der loyalty among the new 
shareholders and are consistent 
with the Government's aim of 
widening and deepening the 
body of share ownership in this 
country. 

Alt observed, in tfus connec- 
tion, that the majority of 
investors expressing interest in 
the BP offer for sale have also 
said they will want to hold on 
to the shares; under question- 
ing. he said less than 25 per 
cent had said they would be 
sellers. 

He added that, as a rale, in- 
vestors in large privatisation 
issues have contained a much 
smaller proportion of sellers 
than in smaller offers for sale. 
Nevertheless, Rotfasdbfid expects 
before the issue to be announc- 
ing detailed arrangements for 


dealing is the shares, hopefully 
at competitive commission 
rates. 

If previous privatisation 
issues are any guide, the pace 
of the publicity maneouvres 
surrounding this issue are 
likely to be cranked up over 
the next few weeks. However, 
one gimmick which once looked 
possible has been ruled out 
already; the idea of benefits in 
kind, like petrol vouchers, has 
been discarded, said Alt. 

• Individuals can register with 
the BP Share Information 
Office by telephoning 0272 272 
272 or by completing and post- 
ing a share offer advertisement 
coupon, or by returning a 
registration card available at 
any BP service station. 

William Cochrane 


THE SIX teams of top fund 
managers competing in the 
Great Investment Race are 
bracing themselves for an excit- 
ing finish when it ends on 
Wednesday. 

They have been competing to 
see which can make the most 
money for Charity by investing 
a portfolio of £35,000 for a year. 
The race has already 
experienced more than its fair 
share of thrills and spills; some 
of the teams have made specta- 
cular gains, others have lost 
money. 

At die last count the team 
fielded by the Prudential, the 
largest insurance company in 
the UK, was in the lead, 
followed closely by Fidelity, the 
fund management group. Hoare 
Govett, the stockbroking housed 


Nearly there 


was the only other team to have 
pushed its portfolio into six 
figures. 

Messel, another London stock- 
broker, Nomura, the giant 
Japanese securities house, and 
Bell Lawrie, the Edinburgh- 
based stockbroking firm, were 
lagging behind the leading 
three. 

All fared well in the first half 
of the race when the stock mar- 
ket was bullish, but only the 
three leaders have thrived in 
the more bearish mood of the 
second half. 






tjgjgg 


Nevertheless, the teams have 
succeeded already in producing 
a ** profit ” of more than 
£700,000 on the original stake 
of £210,000 donated by Pruden- 
tial Unit Trust Managers, the 


sponsor of the race. This means 
that their money has increased 
more *>>»» 10 times faster than 
the FT Ordinary Share Index 
during the same period. 

Once the race is over, Charity 
Projects, the organiser, win be 
able to distribute the money. 
Meanwhile, the teams have just 
three days in which to liquidate 
their portfolios and — if they 
feel brave enough— -to boost 
tbprn with a final gamble. 

The FT will report on the 
final positions next Saturday, 
but the result-end that of the 
FT Readers Race, which has 
run alongside the main event- 
will not be available until 
October 29 when the portfolios 
have been audited. 


Alice Rawsthom 


Good, Bad 
and Ugly 


ii In h 


r/ Vi r rt/f : 'TFn^ : l \\\ j I j 

m.: u ' •, V\ 


Varb 




COMPANIES QUOTED OS Stock 
markets worldwide will now get 
a new classification. Forget 
about old-fashioned latv-la like 
growth, hi-tech or high income. 
The latest categories are the 
Good, the Bad and the Ugly. 

This is the latest brainwave 
of the financial services com- 
pany NM Schroder Financial 
Management, a subsidiary of 
the major antipodean insurance 
giant; National Mutual Life 
Association Of Anstnriasix. 

This new-ctyle classification 
does not depend on simply what 
a company does, how secure it 
is fiTiawMaiiy or bow profitable 
it is. 

It is a classification based on 
how a company measures up 
against ethical yardsticks and 
will be used by NM Schroder 
for its latest unit trust launch 
today — the NM Conscience 
Fond. 

Good companies, under this 
classification, are those which 
show: environmental awareness; 
a good trade record in indus- 
trial relations and employee 
welfare; and a commitment to 
the environment and community 
welfare. 

Bad companies are those 
which are involved in the 
taboo industries of armaments, 
alcohol, tobacco, gambling or 
pornography, or are involved in 
what is judged to be the un- 
necessary exploitation of live 

anlmnk, 

As for Ugly companies, they 
are those which operate in, or 
have dose links with, 
oppressive political regimes. 

Some companies, such as 
those making cigarettes in 
South Africa or mining metals 
in Ghiin, «»n be classified as 
both Bad and Ugly. 

This classification forms the 
basis of the new trust's invest- 
ment strategy which will be 
defined in a Charter of Con- 
science. 



/^Vver the last three years every one of GartmonsS unit 
V^trustsfrasn^emoney m one ais^ an frnpnsssfve 
2487%. While our most recent launch, the Gartmore frontier 
Markets Bust showed an ihTpressrve 328% growth in 
its jinst seven montfis currently we have over£670j000,000 . 
ofprivatemvestorSseMngsinvested 
tvren&^one UK author 

■ W^istftestD^hehindfhissuaress?. 


d tested ways 


money grow 


Source UX/Opal offer to bid net income ran vested 
3rd September 1984 to 1st September 1987. 
*Launched February 1987. launched March 1981 


Gortmore is one of the/few truly independent 
investment houses /eft in the City With nobody else hut 
our diems to consider we can offer genuinely independent 
investment management and epe/^ 

Neither are we One of die herd.’ for instance, 
a few years ago we created the UK5 fisc VmbreUcfftmd 
- the Capital Strategy fund fds been so successful that 
over $500 million is invested in it 

Our range cfincome and capita) growth 
trusts covers every major industrial market and sector 
in the world, and we can offer our unit holders and their 
professional advisers a number of services including a 
Monthly income Plan PortfoIkiManagementService, 
a Personal Equity Plan, a unit trust savings plan a 
BuMng Soaenj finked investment plan and a share 
exchange scheme. Moreover we also offer the offshore 
investor and his pro/essiona/ adviser a/Urther range of 
investment products. 

Tofindoutmore aboutGartmore,jyst 
telephone the investor Services Department FREE on 
0800 289 336 and 
we’ll send you all 
the information 


Gartmore 


Gartmore Fund Managers Limited, Gartmore House, 16-18 Monument Street Ijondon EGR 8Af. Telephone; 01-623 121Z 


This charter will be agreed 
And si gned by a Validation 
Panel, consisting of David Bet 
lamy. Sieve Robinson and Jame* 
Rowland. 

David Bellamy will need no 
introduction to TV viewers and 
his role in conservation and 
environmental issues is well 

known. 

Steve Robinson and James 
Rowland are equally involved in 
these fields. Robinson ow in 
the field of the commercial 
benefits of conservation and 
environmental factors and Row- 
land in issues of world poverty. 

The investment selection wiU 
be made by NM Schroder's 
investment tf”*" under the 
watchful eye of the panel. 

However, the fund win not 
be a purist one as regards 
South Afrtaa. A minor Involve- 
ment in that country or its 
economy, such as selling South 
African oranges, will not auto- 
matically put a company in the 
Ugly category. 

What companies fall in the 
Good. and Ugly classifica- 
tions? NM Schroeder will not 
publish its own assessments for 
all constituents of the FT- 
Actoaries World Indices. But 
companies being considered for 
the fond (and fay definition 
currently rated Good) include: 
BritOO, Glaxo, Marks and Spen- 
cer, Reuters, Bodyshop and 
Amstrad from the UK; PepsiCo 
and Walt Disney from the US; 
and Perrier from France. 

Companies that would fail to 
meet the Charter requirements 


mmsmw 


% milk V wM-i *: ; ffi- ft 

< iri f 

W it* Twh Mmm : - ! i 


MU MW 


» - 


r . * 

: ’ ■» 

* 


include such major companies 
as Shell (South African involve- 
ment), GEC (armaments), BAT 
Industries (tobacco). Allied 
Lyons (alcohol), Pfizer (doubts 
over the use of animals in 
research) and Ladbroke 
(gambling). 

Ethical investment is expand- 
ing rapidly worldwide and the 
marketing managers of several 
unit trust groups are seeing this 
as the latest sector to develop 
for new funds. 

Investors to whom ethical 
considerations are of prime 
importance are now being 
offered a choice of funds, each 
with its own particular inter-, 
pretation of ethics. It is for 
each investor, or has adviser, to 
check chat a fund’s version of 
ethics fits with fads own views. 

And it can be argued that 
even for investors with no pangs 
of conscience as for as their 
investments are concerned, 
ethical funds are worth con- 
sidering at present on purely 
investment grounds. 

First, the number of stocks 


eligible for inclusion is com- 
paratively small, so with a pro- 
liferation of ethical funds the 
demand for these particular In- 
vestments will grow. Iau Samp- 
son, managing director of NM. 
Schroder, expects to take seve- 
ral million pounds into the 
fund over the in i t ial launch 
period. 

Secondly, these funds wiQ, by 
and large, be investing in 
smaller companies, which in the 
long-term, tend to perform 
better than large companies. 

Finally, the funds win be in- 
vesting heavily and early in 
what are being regarded as 
important new growth indus- 
tries — namely health care and 
pollution control. 

The miptimim investment in 
the NM Conscience Fund Is 
£500, with an initial 5 per cent 
and 125 per cent annual 
charges. The fund is Classified 
as an international growth fund 
with an estimated yield of 1JS 
per cent 

Eric Short 


INVEST IN THE 


No. 1 


UNIT TRUST GROUP 


Etna’s new Managed Investment Portfolio can provide you with a unit 
trust investment to suit your indi vidual approach. 

Five tailored investment options are available — from the very cautious 
to the speculative — all managed by Etna's top performing 
investment experts and at no extra charge to you. And we give you a 
5% discount every time we switch trusts on your behalf. 

Minimum Investment only £2,500 
1 % Bonus on Investments of £5,000 or more 


“Pfamef Saw*s statistics ««l l Sqtotber 1987. Wajfeaf stooge petornmee (<fl /bids) of dr 30 largest unit imd grvm. 



j^^send this coupon ta /Etna. FREEPOST, London ECIB 1 NA. 
£ Surname (Mr/Mrs/Ms) ■ 


U207 


For more 

information ■ Forenames Date of Birth 


I 


ling our Customer ■ Address. 
Care Centre free on | 


I 


Postcode. 


0800010969 ■ SfSr 1 


I 

I 

I 


Open each weekday 
8 am to 8 pm 


I 


<€ma Unit Trusts Ltd. 


St John Street London ECIV4QE 



H 


HALL ENGINEERING 

(HOLDINGS) PLC 



WsBImml 



Turnover 

66,485 

62,727 

128,565 

Profit Before Exceptional Items 

3,582 

2,850 

6,086 

Profit Before Taxation 

5,132 

2,423 

5J35 

Prqftt After Taxation 

3,624 

457J 

3,484 

Earnings Per Share 

25.t7p 

10.79p 

24.00p 

Dividend Per Share 

4.6p 

4.03p 

lo.osp 


0 


■ V >. 


- ■-*.1 


.-OVA 

VT' 

[ "iW:/V/A I-,). - • 




V w'-ir/- 
vV; ' 


’TRADING CONDITIONS IN7HE UNTIED KINGDOM 
DURING THE FIRST HALF OF THE CURRENT YEAR IFERE 
NOTICEABLY BETTER THAN DURING 1986 PFTTH 
• CGNTRTBIMONS FROM OUR OVERSEAS INTERESTS ALSO 
SHOWING WRIHERIMPROFEMENIS . ..I AM THEREFORE 
OFIlMISTlCABOUrTHERESmJSOETm GROXJPFOR THE 
YEARASAWHOLET 
R-N.C. Hall Chairman 








V 






WEEKEND FT V 



3 r- f=r '^ : 

s? 5 i$ 

* SUkY 
n*v. ., ^ t, 

*■■£ 

i:it «*?■ A 

" 5irr«.;> C 

'aSgTS 

J-SSSf 





r nore 


3SZ ^33 



Financial Times Saturday September 19 1987 


FINANCE &THE FAMILY 


<%£L*U$f 

rffoattcteiU-uS 

iNM—rt&f&x* / 


B 


er^ 


ANNUAL REPORTS sod 
accounts are sent, by lav, to 

alL shareholders. Yet, while, 
packed with,' vital Information, ; 
they are a nightmare tor the 
uninitiated. Very often they 
give experienced analysts a 
headache, so what chance does 
the poor " amateur " 
AuehoUer lave? ‘ 

Don’t be daunted: armed 
with a handful of tools, toe 
reader can prise a large amount 
from the documents — although 
it is imp or ta nt to remember 
that the information they 
contain is out of date, and so 
sot necessarily an indicator 
of future performance. 

This article describes the 

touts chat can help to make 
sense of profit and loss accounts. 
Others in following weeks will 
consider balance sheets and 
funds flew statements. A final 
artfele looks at chairmen's 
statements, directors’ reports 
and ether narrative sections. 

The profit and lose account 
should, by rights, be called the 
profit or loss account. It shows 
“the bottom line, “ in other 
words whether the company has 
made a profit and. If so, how 
much. 

The key figure in the profit 
and loss account is "profit on 
ordinary activities before tax." 
This is usually referred to 
simply as * pre-tax profit, ” and 
is the main indicator of a com- 
pany’s profitability — though it 
needs to be treated with care, 
as explained below. 

Pre-tax profit is arrived at by 
taking turnover (the value of 
the company’s, sales during the 
year) and deducting two types 
of cost: ■ 

• Those directly linked to 
achieving the sales.' These, 
known collectively as cost of 
sales, include such items as 
labour, raw materials and so 
on: 

• Additional costs incurred in 
running the business. These in- 
clude administration expenses 
and other : costs: the interest 
paid on borrowings; and de- 
preciation. 

Depreciation Is. an- estimate 
of the fall in indue of the com- 
pany’s buildings, machinery, 
cars and othefc assets during 
the year- It inflects the fact 
these items wear out, and the 
amount of wearing out in each 
year is actually a cost, that 
should be set against profits. 
For instance, if a machine, cost 
£1,000 to. .'buy and 'has an 
expected life of TO years, then 
each year £100 depreciation 
should be charged . against 
profits. 

Pre-tax profit is therefore a 
crucial figure. Tracing how it 
has been arrived at can be an 
enlightening exercise. 

' It can hide a multitude of 
sins. A 25 per cent increase 
in profit, tor instance, does not 
mean that the managers have 
done a marvellous job during 
the year— even though they 
may be very keen to proclaim 
this. 

Points that should be borne 
in mind when considering profit 
Include the following: 

• Where have the profits been 
earned? Operating (or gross) 
profit, which usually appears as 
the third line in a profit and 
loss account, is arrived at by 
taking turnover and deducting 
the cost of sales. It is therefore 
a straight measure of trading 
performance. This will be a 
clearer indicator than pre-tax 
profit of how the company has 
performed in its underlying 

business. 

By looking up the note sig- 
nalled here, it is often possible 
to get a detailed breakdown of 
the profitability of different 
areas of the business. This is 
not required by law or account- 
ing standards . (self-regulatory 
rules devised by accountants 
which govern the form, and con- 




tent of accounts). But many 
companies provide an analysis 
of sales in, and profits from, 
each area of their activities. 

This is vital information. It 
will show, for I n sta n ce, where 
a company is moving away from 
its core activity, where the 
profits of particular areas of the 
business are coming under pres- 
sure, and so on. 

• How susceptible is the com- 
pany to external costs? If the 
company has borrowed heavily, 
large interest bills will deplete 
profits. A company which is a 
net investor of cash, on the 
other hand, may well have 
interest to add. 

: A large borrower or lender is 
vulnerable to changes in interest 
rates. The surest thing that can 
be said about interest rates is 
that the experts have no idea 
whether they are set to rise or 
fall — though they are all pre- 
pared to guess.. From a pundit 
with little to lose hut his reputa- 
tion, that may be fine: but a 
company may have a lot more to 
lose than this. 

• Are there any costs, or 
profits, that are outside the 
normal run of the business? 
Where significant these will be 
identified separately. 

Accountants make a carious 
distinction between those that 
are considered “extraordinary" 
and those that are merely "ex- 
ceptional ", The distinction is 
an important one: exceptional 
items affect pre-tax profits. 
Extraordinary ones, on the 
other hand, are those which are 
Incurred beyond the normal 
run of a company’s business. 
These appear “ below the line ” 
— • in other words, after pre-tax 
profits have been calculated. 

The distinction between the 
two tarns on a hair. For In- 
stance, if a company spends 
money rationalising a subsi- 
diary company it has just taken 
over, is the spending extra- 
ordinary? Is the. profit on the 
sale' of a company’s head- 
quarters exceptional ? And 
what about the cost to. banks 
of providing tor losses on loans 
to developing countries ?■ These 
examples are currently areas of 
debate within the accountancy 
profession.. • 

Any reader of a set of 
accounts should look carefully 
at all such costs or receipts and 
reach his own assessment of 
their status, what they show 
about the company’s manage- 
ment — and whether they are 
likely to recur. 

• Are there- any significant 
changes between items. in the 
accounts for the year under 
review and toe same Item in 
the previous year? ‘ The 
accounts contain last year’s 
figures as a comparison. It is 
worth examining each figure to 
discover any notable changes 
from one year to toe next 

Against each item is a 
reference to a note at the back 
of toe document It is . well 
worth looking up toe notes: 
they may well help to explain 
the changes. 

• How well have other com- 
panies in the sector done? If 
others have turned in profits 
up 50 per cent on the year 
before. Is 25 per cent such a 
good performance? 

Richard Waters 


This advertisement does not constitute an offer or invitation to apply 
or subscribe for shares in the capital of Kent indoor Cricket PLC. 


■ &3B3S 

KENT INDOOR CRICKET PLC 

(Registered in-Etrglond Number 2090443) 

OFFER FOR SUBSCRIPTION 

underthe 

BUSINESS EXPANSION SCHEME 

The Dkeetom of Kent Indoor Cricket PLC announce that the dosing 
data of the Offer for subscription has been extended to 12 noon on 

30th September. 1987. 

No application cheques wUJ be honked prior to 12.00 noon 30th 
Septeniber,T987.ShareswNlba allotted for the full amount fqrwh feh 
valid applications were received by 12.00 noon on 17th September, 
1987 subject to the terms of the prospectus. The allotment of aha res 
will be made on or before 6th October, 198? in order to allow 
subscriber* the opportunity to dahn BES relief m respect of the year 
ended &h April, 1987. - - 

Applications for shams in the company may onhrbemade subject to 
and in accordance with the prospectus issued, by the Company on 
27th August, 1987. 

Copies of the prospectus which contains an application tom may be 
obtained from: Kent Indoor Crndcet PLC, c/o The Levitt Group. 143-149 
Great Portland Street, London WIN 5FB. (Tel: 01-631 4085). 

f" Please sand me rprospoctus for the offer for subscription by Kent""| 
* Indoor Cricket PLC . .. ] 

I .1 

I — ■ — i — — 1 

I . . .1 

w Address--- : r — - --- ---- | 


Barry Riley on why County unitholders are viewing a high-priced deal with suspicion 


BRITANNIA rules. As an- 
nounced last week Britannia 
Arrow, around number 10 in 
volume terms in the UK unit 
trust industry, is to buy the 
NatWest offshoot. County Unit 
Trust Managers, 

The price of more than £4Qm 
was high enough to surprise 
many other unit trust managers. 
But Britannia must know what 

It is doing, because it has been 
involved in an amazing number 
of unit trust takeovers and 
mergers over the years. 

Whereas Britannia unit- 
holders are used to reorganisa- 
tions of one sort or another, 
those of County are accustomed 
to stability and inevitably are 
going to be concerned about 
their fate. There must be a 
suspicion that if a high price 
has been paid, Britannia will try 
to get at least some of It back 
from unit-holders. 

At the very best, County unit- 
holders are going to be burdened 
with the nuisance of coping 
with trust mergers. At worst, 
they may face the poor Invest- 
ment performance which has 
marred Britannia Arrow’s 
reputation in recent years; 
thin must have been a factor 
in making the group keen to 
expand through buying a man- 
l agement company rather than 
by selling new units of its exist- 
ing funds competitively in the 
market place. 

First, though, a look at the 
eventual history of Britannia 
Arrow which has brought it 
into contact with a surprising 
number of colourful City of 
London characters over the post 
15 years. 

The name arose from Charles 
Ranald’s 1960s’ operation 
Castle Britannia, which was 


Britannia rules— amid worries 


bought in 1971 by Jessel Securi- 
ties. At tbe time Oliver Jessel 

was a high-flying City takeover 

merchant, but as toe bear mar- 
ket exerted Its grip his empire 
crumbled. Eventually. toe 
receivers came in. The unit 
trust operation came under the 
hammer. 

A similar fate awaited another 
City operator of the time called 
Tom Whyte, who ran the ill- 
named Triumph Investment 
Trust. One of his purchases was 
the National Group of unit 
trusts, actually one of toe 
industry’s oldest 

There is a story within a 
story here because the vendor 
was Sir Denys Lowson, a former 
Lord Mayor of London who had 
built up a secretive investment 
empire. Scandal erupted when 
It was alleged that the ailing 
Sir Denys had cheated his in- 
vestment trust shareholders by 
creaming off a big profit from 
toe National sale for his family. 
The police were preparing a 
case when he died. 

At any rate, the deal did 
Triumph no good at all and 
within a year or two it also had 
collapsed, in this case because 
of its exposure to tbe secondary 
banking crisis. 

At this point, financier Jim 
Slater enters the saga. Just be- 
fore his financial empire In turn 
collapsed in 1975, Slater Walker 
Securities bought Castle 
Britannia and National for tiny 
sums; they were merged with 
Slater Walker’s own unit trust 
operations. It turned out to be 






Jim Slater 


an excellent deal and the re- 
named Britannia Arrow group 
emerged phoenix-like from the 
ashes of Slater Walker, 
although minus Slater hims elf. 

Although it was only a penny 
stock in market terms for a 
number of years, Britannia 
Arrow prospered and soon was 
taking over more funds. In 
1980, it bought tlw South 
African-owned Schlesinger 
group. As before, the incoming 
unit trusts were merged- and 
revamped in line with 
Britannia's own products. 

Next came the 1986 takeover 
of MIML This was a bit different 
because it was very much of a 
reverse management takeover, 
with senior MIM men rapidly 


Oliver Jessel 


ousting the top Britannia Arrow 
executives. However, there was 
yet another round of trust 
mergers, this time leading to 
their re-emergence under the 
label MIM Britannia. 

Now in 1987 comes yet an- 
other deal. The £400m funds 
from County Unit Trust Man- 
agers will trice the group unit 
trust total to around £1.6bn. 
leapfrogging it up the league 
table from around number ten 
to number six. But unitholders 
face, inevitably, another round 
of merging and renaming of the 
trusts. NatWest has insisted 
that the County name must stay 
in its own keeping. 

At one leveL County unit- 
holders will be fully protected. 


Arrangements for safeguarding 
their interests have been care- 
fully considered, NatWest 
asserts. According to unit trust 
industry experts, Britannia 
Arrow's trust merger docu- 
ments and procedures are re- 
commended as exemplary by 
toe Department of Trade and 
Industry, which regulates unit 
trusts. After all. Britannia 
Arrow has had plenty of prac- 
tice over the years. 

However. County unitholders 
could face higher charges. Many 
of its trusts have Initial fees of 
5 per cent, and 0.75 per cent 
annual management charges. 
Most Of the MIM Britannia 
funds charge 5J25 and 1 per 
cent respectively. It seems a 
good bet that the higher, rather 
than the lower, rates will rule 
when tbe funds are merged. 

Moreover. Britannia Arrow 
has gained a poor reputation for 
investment performance; 
County, although not brilliant 
was better. During much of 
tbe early 198 0s Britannia 
Arrow was in marked relative 
decline, its unit trust market 
share falling from 6 per cent 
to under 2 per cent 

It maintained its profitability 
through “box” profits made by 
dealing in units, a process 
which can make shrinking funds 
highly profitable. But the 
bigger the profits made in this 
fashion by the managers, the 
worse for unitholders who are 
selling. 

These drawbacks essentially 
relate to the old Britannia man- 


agement The new mim team 
which came in roughly a year 
ago was dedicated to upgrading 
the investment performance. 
But it is too early to tell if it 
is likely to succeed in the 
longer term. 

Latest performance figures 
for comparable trusts from the 
two stables show that nearly 
three-quarters of the County 
funds were above average for 
their sectors in the first eight 
months of the year, whereas 
the same could be claimed for 
only just over a third of the 
MIM Britannia funds. 

County unitholders are not 
alone in facing merger pro- 
posals. A similar process awaits 
investors in toe Oppenheimer 
funds, which were run by a 
subsidiary of toe Mercantile 
House group. Assuming that 
toe British and Commonwealth 
takeover of Mercantile House 
goes through, tbe £350m Oppen- 
hehner funds are to be swal- 
lowed up by B and C’s £7 00m 
Gartmore unit trust arm. 

If badly-managed unit trust 
groups are absorbed by well- 
run ones, nobody can argue. 
In practice, though such deals 
may be the by-products of huge 
conglomerate mergers; or, in 
the case of NatWest, of a de- 
cision to fit in with new invest- 
ment regulations arising from 
the Financial Services Act 
There is no guarantee that in 
such circumstances the best-run 
trusts will emerge as top dogs. 

Of course, if unitholders 
don’t like their new managers 
they can always vote with their 
feet But it could easily cost 
them 8 per cent of their capital 
to switch into another trust, not 
to mention the triggering of a 
capital gains tax liability. 



Iteggfl pp|| 

iH 


The Charter aims to seek, first, those companies 
with a proven track record of social responsibility 
typified by: 

M High Employee Welfare Standards 
IS Environmental Awareness 
H Commitment to Community Involvement 
H Charitable Donations 

The charter aims to avoid companies whose main 
business involves: 


Have you ever "felt obliged to compromise' your 
; integrity when considering the best means of 
investing your money? 

Now you don’t need to. The NM Conscience 
Fund is a new authorised unit trust designed for 
! people who seek a worthwhile return without sac- 
rificing their principles. ' 

! ftS a fund that will invest in enterprising 
businesses worldwide whose track record may be 
measured not only in terms of profit, but also in 
terms of social commitment 

it excludes the 'bad* and the ‘ugly 1 investment 
opportunities - companies that exploit pollute, 
or do business with oppressive regimes. 

It focuses upon the good - on companies • 
whose sensitivity to the importance of social 
issues goes hand in glove with flexible, innovative 
and enterprising management which contributes 
to real corporate success. 

A Charter of Conscience 

In selecting shares for the NM Conscience 
Fund portfolio, the Managers will, so far as is 
possible, be bound by the following Charter which 
has been approved by the Validation Panel, whose 
members are involved in environmental, chari- 
table and ethical issues. 


Strength in Research 

Managed by NM Schroder Unit Trust 
Managers Ltd, the NM Conscience Fund will 
benefit from the substantial research resources 
of the NM Group, a worldwide financial services 
organisation which controls assets in excess of 
£8000 million. 

NM has excellent credentials, both as 
an expert investment manager and as a 
progressive employer and business manager 

Now, invest in the ‘Good 5 

NM Conscience Fund units are available at the 
Fixed Offer Price of 50p (less a special 1% intro- 
ductory discount) until October 9th 1987. After 
that date units may be purchased at the Offer 
Price ruling upon receipt of your application. 




wm 


m mmm® 

^Production of tobacco products, alcoholic 
liquors for consumption, armaments and 
gambling 

PThe unnecessary exploitation of live animals 
e.g. the fur trade and cosmetic research 

PCIose links with oppressive regimes 

Investor Participation 

A unique aspect of the Fund is that it provides 
investors with an opportunity to make use of their 
own specialist knowledge. Every six months, 
investors will receive a fund report, a portfolio 
statement as well as an invitation to a meeting 
with the Managers. Any investor believing that 
a security held by the Fund contravenes the 
Charter; can make a case to the Managers who 
will, in consultation with the Validation Panel, 
decide whether or not it should be retained. 


mm 




ilff 




The minimum investment is £500 and the 
estimated gross current yield is 1.5%. To invest, 
contact your financial adviser without delay, or 
return the coupon now with your cheque. 

Please remember that the price of units, 
and the income from them, may go down as well 
as up. 

You should therefore look upon your invest- 
ment as longterm. 


_ Conscience Fund 

Now, a partnership of profit with principles 



y A 


- Registered Office: Kent Indoor Cricket PLC St Martins House, 16 St 
Martin's-Ie-Grorul London EC1A4E&. . . 


GENERAL INFORMATION Doling in Units. Units may normally be bought or 
sold on any business day at prices quoted In several national newspapers. Applications will be 
acknowledged on receipt of your instructions and certificates will be despatched within six weeks. 
Repurchased proceeds will usually be forwarded within 10 days of receipt of renounced certificates 
by the Managers. 

Charges. An Initial charge of 5% Is included in the pice of units. An annual charge of 1K% of the 
trusts value, plus VAC is deducted from the trusts income. 

Commission for advisers. Out of the initial charges, remuneration (at rates which are available on 
request? will be paid to authorised professional advisers on applications bearing their stamp. 

Income. Distributions of net income are made twice yearly on 31 July and 31 January. 

Managers. NM Schroder Unit Trust Managers Limited (Member of the Unit Trust Association). 
FREEPOSt Regal House. 14 James Street. London WC2E 8BL Registered Office: NM House, 
Serpentine Road, Fbote, Dorset BH15 23H, England. No. 2531522. 

Thotoe. Lloyds Bank PtC. offer Is rriavaUaWe to residents of the RepuaUc^ireJani 


FIXED PRICE OFFER WITH 1% DISCOUNT UNTIL OCT. 9th ONLY 


lb: NM Schroder Unit lust Managers Limited, FREEPOST Enterprise House, Isambvd Brunei Road, 

| Portsmouth P02 1BR. Telephone; 0705 827733 

I (rtrtfe wish to Invest (minimum £500) £■■ •— §gn2H!* 

1 In toe NM Conscience Fund. _ First Names 

I My cheque Is payable to NM Schroder Unit Trust — 

J Managers Ltd. ftddreg; 

I p] Please tick this box If you want Income Units, 

■ o t herw i se you will be allocated Accumulation 

I Units where income Is automatically reinvested. . — — — 

I □Please tick tois box if you want details of our Postcode 

* Regular Savings Plan. 

I p] Please tick this ban if you want details of our 

Financial Planning Service. Signature 


Postcode 



VI WEEKEND FT 


■Financial Times Saturday September 19 1987 


Busine ss Opportunities 

UTINAMEMCA/AEGENTINA 

export opportunity 


W CBB WM nftWy* flriBfe a 

(b) PtMOBCEOtla] udAkb 

M Hbaptal Iinill i 5 if i fn i Wf 


„ contact ftttek BeBriJe m. taxta *H *1* BM or bn 01-121 «H ' 
W w hmiii 23HI m ndp Mi Separate 1 . a pm ta » p» te- or 
HH» BJ Box /TK3B, Hwcirf 7&K», /f> Om St. laMl ECtP *BT 


CONSULTANT TRAINERS 

Cm you vmn 3-6 dbus per ttoBtii to** 
as a trwim semtaar loader for a 
LoMod based intanzUoaal Training 
Company? 

You raffi need sales mtHar mttmgewnk 
axperlnnce In the Banking s ect or. Wf 
offer attractive dally fees, afld a long 
Berm testes wvwiPHte 

Phsaesraf C.V. to 
Beat FJS95, FlaancM Times, 

00 Cannon Street 
London EC4P 4BV 


IBM — PC SOFTWARE 

HfebfracdaimHl, tocfcrtflng a "software 
product of the year." Six products la 
market now and more coating 
Seeks equity or partner 

Call (USA) 408-336-2146 or 
(408) 5594606 


Business for Sale 


FOR SALE 

LEISURE CENTRE COMPLEX 
Large snooker ball, 15 tables. 6 sunrooms. Large nautilus keep 
fit section. Turnover exceeds £150,000. Upwards of 18 years 
lease available. 

Particulars in first instance from: 

Hr. R. Sebfre Jersey 63080 or 725810 


FOR SALE 

QM f* ■**> « !'■ «? unfa flsfng ctitifor * 

The csopniy kat atmeg bade maria In bitec&Un lor pri cm nd mtteaBn. 
Own t f W wM ta c hH y wd officer. 

Item OUT s mHoa. WonU «& anndpa i Bw paring 
~ tcffitthwh fc Secodtuatfa. 

Prkidpab aty apdr to: 

Box Hb. HZSOB, 

TtaM, 10 Cannon 
London BC4B* 48V 


SILK-SCREEN PRINTING BUSINESS (LONDON) 
FOR SALE 

wea erttfUte wtti tanowr hi neesa oT USOXOO. 

Salesmen. £50,000 Stock and W.LP. Offers ti eaess (*£330,000 qokkMD. 

Tor tatter details write tolrata Seed, aartumd teowitants. 20 BaJpaesSojank CadeaPa*. 
ftamtad. Essex RM2 6AY. 


For Sale 

AVC WINDOW COMPART 

Loosed In N. Ireland. TO approx- Elm per 
annum, 1 0,000 sq ft tmhoKI factory Bid 
efficos. Room for further expansion. Gftnum 
reman for sale. Afl proposals cons i dered. 
AqpV Box H2ST7, Financial Tanas 
TV Cannon Street London EC4P 4BT 


Business Services 



m SALE BEAUTY 1AL0H— KandmWn SWT. 
Grand Rear and teems. AsjprmbKMejy 

icmooSt? 




Business Wanted 


LARRY PARNES 

INTERESTED 
IN HEARING FROM UP 
AND COMING RECORD 
COMPARES WHO WISH 
TO EXPAND IN EVERY 
WAY. WORLDWIDE 

Ptoa s o contact Bax No. H2510, 
Financial Times, 10 Cannon 
Street, London EC4P4BY 


Why not use the locked -in nine 
ofyotsr borne forfarastornt 
purposes, re-payment of 
expensive loans or school fees? 

-- e ■■ ■ 

For competitive rales, prompt 
decisions and expert personal 
advice and service contact 


•OHIMO MORH.V.I ' IMKI' 


ftiranan Financial Seniors LlfL 

15 Manchester Sgoat^ 

London WIM5AE 
Teh 01-485 519S *■£■» 

Mw FVI 


Busi ness i Mla mM iiB rmdemfcen l o_Ulgorar s w» 
by B a wna iced pracflcatfecoixHnlfl/l mbf g ora- 
soHaaL Hotted & Co. TtL: 01455 8652. 


HEADERS ARE RECOMMENDED TO 
SEEK PROFESSIONAL ADVICE 
BEFORE BflERDfO WTO COMMIT- 
MENTS 



• FINANCE &THE FAMILY; 


Unit Trusts/Christme Stopp 


Looking beyond the hard sell 


A MASSIVE £5.9a is being 
spent to woo the potential unit 
trust investor into buying the 
new range of Royal Life trusts. 

Unit trust operations set up 
by insurance companies are 
mak ing a big impact on the 
industry, due to the groups* 
undoubted marketing muscle, 
in 1588 Standard Life leapt 
almost unbelievably from 
£660 An under management to 
£1.94bn f malting it the fourth 
largest group. Co mmer c i al 
Union's January launch took 
over £200m, causing an embar- 
rassing administrative log-jam. 

There is no doubt that the 
life companies are very good at 
taking our money. Is this 
because we expect them to be 
better at managing it? Life 
companies have won a good deal 
of support from intermediaries 
in selling their units. This is 
partly tied up with the “ new 
trusts ” theory: that new trusts 
in general perform better, and 
that life companies are better 
placed than most groups, 
because of their size and, 
perhaps, their scope, for "per- 


formance manipulation.” 

There have been some indica- 
tions that the life offices’ per- 
formance is above average. Sun 
Life is a good example. Follow- 
ing its launch in 1985, 'the 
group produced some striking 
growth figures in its first year 
or so of operations. It had seven 
trusts among the sector top tens 
at the end of 1986. 

In Money Management figures 
to September 1, this record had 
cooled: seven trusts were show- 
ing growth below the sector 
average, a nd si x were above, 
with very strong performances 
fTom Managed High Yield, 
which was second in its sector, 
and Japan Growth, which was 
seventh. 

The same figures showed a 
similar record for the Pru’s 
range, though arguably with 
more bright spots: to Septem- 
ber 1 the group had five trusts 
performing below their one-year 
sector average and five above, 
with trusts in tiie top 10 in the 
Gilt Growth, North American, 
European and Japan sectors. 

If there is a lesson to be 
learnt, it is perhaps that there 


is some performance impetus in 
a range of new trusts, but that 
this Impetus cannot be kept up. 
across the board, indefinitely. 
Ultimately, no unit trust group 
can manage what they all aspire 
to: above-average performance 
across a whole range of trusts. 

In an attempt to draw a more 
direct comparison between is* 
surance Company pe rfor mance 
and that of other household 
name groups, tile table takes 
five groups from each category, 
and shows their results in four 
of the main sectors. The results 
marked with asterisks are those 
which are below the sector 
average: with 14 of those out of 
a total of 34, the general result 
is not terribly Inspiring. 

The major groups have a 
fuller list of trusts than the life 
offices, winch is partly due to 
tbeir having been around longer 
and partly to life company 
nolicy relating to the balance 
between specialist and 
generalist trusts. 

The UK general sector seems 
well managed by both groups. 
In UK Growth and Equity 
Income the non-life groups pre- 


dominate. No one seems very 
Inspired in the interactional 
sector, with the exception of the 
manager of the Hoiborn Com* 
muni cations trust. 

I have included Royal Life’s 
results among the life groups' 
category. The trusts shown are 
part of the existing group of 
eight which were launched 
mostly in the early eighties, 
and have been used as bond 
fund vehicles. Like a n umber 
of life companies. Royal Life 
have been unit trust managers 
for some years with a range of 
trusts which has not been 
marketed directly to the public. 
Their splash launch introduces 
three new trusts — International 
Cautionary, International 

Growth and International Specu- 
lative — which aim to bring in 
unitholders directly. 

In practice, the fact of having 
a past record of unit trust 
Tn g -na gprmprr^ may be seen as a 
disadvantage to Royal's market- 
ing posh since, with the excep- 
tion of their US trusts, the 
whole range has performed in 
no more than a mediocre 


PE BFORltANCE Of -MSCTUWCE COMPANIES rs. ME BEST 

' ' a* wm imWnnnmce for year to Septem- 

figures are sector ran&ug a. W here g roups 

hap been taken). * • 

UK General UK Growth UK Efrlw. IntLG th. 

*434(57) 27.7 (36) 
— 454 UB) 

464 (43) *2X4 (55) 

•86,7(87) *254(44) 


Insurance 

Companies 


Sun life 
Prudential 
Scottish Widows 
Provident Mutual 
Royal Life 


584 (8) 
•29.4 (43) 
*314 (78) 
55.4 (9) 


*30.0(126) 
»SL9 (82) 

6X4 (61) 
611 (64) 


M&G 

Save & Prosper 
Fidelity 

Henderson 

Abbey 

67.0 (5) 
4L4 (29). 
*35.1 (62) 
78.8 (1) 
43.7 (17) 

72.1 (38) 
74J) (35) 

76.4 (31) 
62J> (57) 

17.4 (34) 

50.0 (33) 
56JL (26) 

59.7(29) 
72.fr (5) 
•45.0 (53) 

*15*5 (84) 
*2*fr<4l) 
•*fl(105> 
*25j> (42) 

Sector-avge/no. of 

trusts in sector 

40l8 (92) 

584(139) 

4&3(165) 

26L3(1U) 


* Indicates below average performance. 


Source: OPAL. 


fashion. While the two US funds 
at ninth and 12th respec- 
tively in their sector to Septem- 
ber I, the rest are performing 
below the sector average, except 
tor the Equity Growth trust, 
which is 60th out of 135. 

Is it not somewhat optimistic 
for the group to he s ell in g - so 
bard to the public on such a 
lacklustre record? Royal 
responded at their launch by 
saying they were not putting 


the emphasis on the sort of "top 
of the pops” performance- 
chasing which bedevils the rest 
of tbe industry. 

This is all very well, but a 
disquieting feature of the 
Royal megalaunch, has been the 
insistence on ' flotation-style 
marketing bezzaxz, - to the 
exclusion of professions of 
management expertise. 

Bob Hnatiey 


Clients come first 


PRIVATE investors generally 
have had a rotten time on the 
stock market since the Big 
Bang last October. After the 
earlier promise of cheaper 
dealing costs, with the abolition 
of fixed commissions, charges 
have gradually crept up to a 
higher level and the service to 
smaller investors, in particular, 
has deteriorated badly. 

Overwhelmed by the business 
generated by privatisations and 
tiie booming market, stock- 
brokers have become increas- 
ingly uninterested and reluc- 
tant to accept clients with small 
portfolios. Even getting 
through to your broker these 
days is a major exercise with 
the phone staying unanswered 
or engaged, especially when 
prices are falling. 

Early casualties were the 
dealing-only services that were 
supposed to provide a quick 
‘tnd cheap entry into the mar- 
ket. They have been snapped, 
-'estricted to existing clients or 
have had their cost increased 
sharply. 

Against this background, it 
comes as a surprise to find a 
company positively welcoming 
iew clients, expanding its deal- 


ing-only services, and promising 
to be available constantly and 
to send contracts out on the 
day the order is placed. 

That is the claim made by 
ShareLink, a personal share- 
dealing service launched in 
February in partnership with 
Albert E. Sharp, the Birming- 
ham-based stockbroker. 

Sha reUnh is the brainchild 
of David Jones, who has no 
broking background but decided 
that the Big Bang and growth 
in the number of Investors pro- 
vided the opportunity for a new 
approach to share-dealing ser- 
vices. 

Bis experience is in market- 
ing, telecommunications and 
computers. Bis first direct link 
with share-dealing was in setting 
up the British Telecom Share 
Information system in Bristol, 
which dealt with more than 
1.5m enquiries on the group's 
privatiation. He then looted 
at a system for handling PEP 
schemes before deciding to seek 
a partner to help put his ideas 
into practice. 

He says Sharp came top of 
the list because it has a large 
private client business, a good 
reputation, and was interested 
in the idea of a new approach. 


AUK. record 

Since launch. Prolific^ UK unit trusts have 
out-performed all of their competitors. 


Performance 
since launch 


Position 
in sector 


Prolific High Income 

+2,923.9% 

lst/33 

Sector: UK Equity Income 
(Launch date: 2.9.1974) 



Prolific Special Situations 

+663.8% 

lst/69 

Sector UK Growth 
(Launch date ; 1.2.1982) 



Prolific Extra Income 

+203.5% 

lst/14 

Sector: Mixed Income 
(Launch date: 13.10.1984) 

+72.2% 

lst/40 

rrolmc Convertible oc bilt 

Sector: Gilt 8c Fixed Interest Income 
(Launch date: 1.11.1985*) 


Figures calculated on an offer to bid basis, net income reinvested. (Source: Opal Statistics 1.9.1987) 
"Originally launched as Prolific Gilt Capital on L6.198L 


i ; 1 

To: Prolific Unit Trust Managers LtcLj FREEPOST^ London EC2B 2 PR. 

D Please send, me further info rmati on on Prolific^ UK unit trusts. 

□ I would also like details of Prolific^ Personal Equity Plan. 

(Please tide a ipprspoatc) 

BLOCK CAPITALS PLEASE 


Name. 


Address- 



Postcode. 


Prolific Unit Trust Managers Ltd 


Part of the Prolific Fi n ancial M tmo g emmtgnttp 

ft w* 


Essentially, this is that a pure 
share-dealing service does not 
need broking expertise but 
should concentrate on evolving 
efficient systems to handle tran- 
sactions qttickly and treat them 
as a normal marketing exer- 
cise. 

ShareLink does not have 
dealers or traders: it has client 
service executives. The tradi- 
tional system of a front office 
handling the dealing, and the 
back office tbe administration, 
has been scrapped. Instead, the 
client service executive handles 
the whole share transaction 
from start to finish, processing 
the orders and ensuring that 
contract notes are posted to the 
client the same afternoon. 

The executives, who work in 
teams handling an allocated 
number of clients, are not 
brokers. They are mainly 
graduate trainees who, says 
Jones, have been parachuted 
into a broker's office to process 
tiie orders and behave as 
friendly, ordinary people rather 
than confusing or patronising 
clients with their knowledge of 
the stock market and its jargon. 

Investors, after the first deal, 
are allocated a personal dealing 
telephone . link to their own. 
service executive! If the execu- 
tive is away or engaged when, 
tiie investor phones, the call is 
transferred quickly to another 
member of the team who has 
access to the necessary informa- 
tion. Jones estimates that the 
phone is always answered 
before the third ring. 

ShareLink is price-competi- 
tive with other share-dealing 
services. It has a minimum 
charge of £15 for bargains up 
to a value of £1,200, and a 
maximum of £87-50 for bar- 



Dmid Jones . - . breaking 
down the barriers 

gains between £7,000 and tiie 
top level of £15,000. For bar- 
gains between -fl i 200- and 
£7.000, the charge is L25 per 
cent of the value compared 
with the pre-Big Bang mini- 
mum of 1.65 per cexrt.- 
Sharelink makes no prefen- 
skms aboitf offering advice or 
background research: callers 
are told simply the approxi- 
mate price ’ of the share in 
which they wish, to deaL The 
service is confined only to UK 
shares quoted on the- Stock 
Exchange, including the 
Unlisted.-. Securities:. Market 
(U£M)__ Investors wanting a 
traditional broking- .service; 
witiL. advice and -research, are 
referred to -Albert 'El -Sharp. ‘ 
Jones claims that by breaking 
down the old barriers, he is 
bringing the Big Bang to the 
man in tiie street Each investor 
is provided with a small booklet 
explaining the service, and con- 
taining a personal record card. 
These can be obtained by ring- 
iug 021-200 2242. 

John Edwards 


One to consider 


IF ANT BES fund can claim 
to represent the original spirit 
of the scheme, it is probably 
Industrial Technology Securi- 
ties, which aims to invest in 
high-technology companies that 
have had difficulty in obtaining 
funds. 

ITS was founded by a group 
of businessmen, including ex- 
British Steel chairman Sir 
Monty Finniston and ex-Plessey 
executive Leu Whittaker, and 
offering hands-on management 
is one way in which it claims 
it is different from other funds. 

Tbe group has just launched 
its fourth fund; Its three pre- 
vious funds Invested in 15 
companies, of which only one 
has gone into liquidation; not 
a bad record for such a high- 
risk sector. Three investments 
in particular, Magnex, Zen- 
gran ge and Palmer Environ- 
mental, are described as “not- 
able successes.” 

In the past, investors have 
not been as enthusiastic about 
ITS as they have been about 
direct prospectus issues, and 
the previous funds fell short 
of their £2m' targets. 

However, hope springs eter- 
nal. With the help of sponsor 
Savory MUln, ITS is aiming for 
£2m again, and investors should 
give this fund serious consider- 
ation. It takes only one invest- 
ment per fund to succeed to 
earn substantial profits; two 
successes would represent a 
potential bonanza. 

Meanwhile, a sector that has 
rarely had difficulty raising 
funds — secured contracting — 
has made its first appearance 
of this year. Dix Bel- 

gravia. which raised £5m last 
year, is tapping investors* 
pockets again. Its target this 
time is £Sm via ' the issue of 
5m shares at £1.20 each, 20p 
higher than under the original 
offer. 

Another direct prospectus 
issue is on the way from 
Mercia Venture Capital, the 
Birmingham-based group. It is 
sponsoring Treelinks — a Here- 
fordshire soft fruit processing 
company, which is aiming to 
raise £600,000. Mercia has also 
launched its. .1987-88 fund, 
which is open-ended. Potential 
investments include interesting 
names like Antbus ^ Stretch and 
Slim), Sooth Derbyshire Ski 


Centre and Coventry Surgical 

Developments. 

Octagon Investment Manage- 
ment is launching its sixth BES 
fund. Like ITS, it wants to 
raise £2m, although it. asks for 
a minimum subscription of 
£3,000 per investor. , against 
US’s £2,500. Octagon invests 
only in the “ information indus- 
tries,*' namely, computing, tele* 
comunications, electronics, ad- 
vertising, publishing and broad- 
casting. .... 

Philip Coggan 


I nvestment T rusts 

Tn the clouds 


DECIDING TO go for invest- meat trust groups 


ment trusts is -the easy part 
Deriding which one to pick is 
far harder. 

If you are one of (hose 
investors rHmbing over tiie 
wall from the unit trust field. 
the 1 good news is that your 
choice is far narrower. There 
are only around 200 investment 
trusts to pick from against 
more than -1,000 onitised funds. 

The bad news Is that invest- 
ment trusts are a heterogeneous 
bunch. Whereas a unit trust is 
a fairly straightforward animal, 
investment trusts vary greatly 


M Merchant banks tend to put 
junior managers on to invest- 
ment trusts and then move them 
on after two years. There's also 
room for conflicts . of interest 
with the temptation to put the 
best shares into the bank’s unit 
trusts or pension funds which 
may be considered more im- 
portant for its future develop 
ment/* be said. 

To Adams’s regret, there are 
very few totally pure invest- 
ment trust houses left. Even 
stalwarts of the industry such 
as Foreign and Colonial and 


In structure and are. becoming Touche Remnant have felt tbe 
more diverse. What, on a car, need to jump into the ever- 
might be termed “ optional expanding unit trust pooL 
extras/* such as warrants and Another sound piece of 
different classes of shares can advice is not to be tempted to 
afford exciting opportunities for go for the investment trust 
investors but can be difficult to equivalent of a recovery stock, 
understand. Working out why ^though much of the escite- 
and how discounts to net asset ment in investment trusts in 


value move can also be hard to 
follow for the private investor. 

However, to start with the 
basics, the most., important 
derision must be to choose your 
trust, management group. As 
with- bnit' trusts; you can. he- 
greatly helped by part perform- 
ance- figures. ' These are. pub- 
M$hed. monthly by the Associa- 
tion' of investment Trust -Com- 
panies. You can also pay more 
attention to pedigree than with 
unit trusts. Whereas open- 
ended funds' have been around 
since the - mid-1980s, some 
investment trusts stretch bade 
to tbe Victorian age. Exotic 
names such as Foreign A 
Colonial and River & Mercantile 


recent years has derived from 
reorganisations and: takeover 
bids at trusts run by lacklustre 
groups, analysts think it is a 
waste of and money for 
private investors to loo k fo r 
-the- next* candidate to come 
under fire. 

“It*» a mug’s game,” says 
Adams. -Severe! likely trusts 
have' ' been noted as likely 
targets for years; but the pre- 
dators have not arrived and 
the funds have continued to 
underperform miserably. The 
presence of the raiders has 
narrowed discounts throughout 
tiie industry and undoubtedly 
chivvied up some of the more 

But 


tions by more than 100 years. 


Unfortunately the picture 
that appears from such quali- 
tative and- quantitative research 
can be cloudy. According to 
Say Kelly, an investment trust 
analyst at broker James CapeL 
it was easy five years ago to 
mark out a good investment 
house from a bad one. Today, 
the increasing specialisation of 
trusts means that management 
groups are more like the 
curate's egg — good only In parts 
with patchy investment per- 
formance across a range of 
foods. ’■* 

Still, some analysts maintain 
there are good rules of thumb 
to follow when picking a trust 
-Roger Adams- of- broker 
Alexanders Laing and Crulck- 
shank would Shun trusts run by 
merchant banks and prefers 
those managed, by pure or 
almost pure independent invest- 


a bombed-out industrial com- 
pany’s share is limitless, weak 
investment trusts usually end 
up being taken over with a bid 
worth just less than asset value. 

Another basic choice must be 
made between general and 
specialist trusts. If you have a 
strong view on a particular 
sector— such as technology or 
energy — or a particular market 
— say, Japan or the United 
States — there are trusts there 
waiting for you, But if you 
choose a specialist trust you will 
probably be putting more faith 
in yourself than the managers 
of the trust you choose. Not 
even the smartest fund manager 
can perform miracles in a fall- 
ing market or an unfashionable 
sector. The range of specialisa- 
tions, already wider than unit 
trusts because of - the fewer 
restrictions on investments, is 
expanding all the time. 



We've channelled 
our expertise 
into Europe. 


The FS Fund Management team forecast an 
exciting future in European stockmarkets. 

Cfe fee kept other F5 Funds regu-- 

lariy m foe Top Ten performance tables.) 6 

a Me 

r 

j 1 would also like to know.more about f 

, OTHER FSUNJTTRUSTSD KXMSHELTHKPEpjn . ' 0^®*, 


NAMB(MtfMmMra 

ADDRESS 


FT3 


POSTCODE 


IS 


COMPANY gf«pptobfe) 

















WEEKEND IT VH 




Financial Times Saturday September 19 1987 





YOUR OPPORTUNITY TO 
INVEST IN THE WORLD’S 
MOST EXCITING COMPANIES 

Recent privatisations of nationalised industries 
and toe opening of overseas stock markets have 
made owning shares easier and more popular. 
Flotations like those of British Telecom, British 
Gas, Rolls-Royce and TSB, have attracted millions of 
new investors. More people now own shares and 
appreciate their benefits than at any time in history. 

But such' flotations are only a small part of the 
picture worldwide. Investmen i opportunities exist in 
many other major companies throughout the world - 
in companies such as IBM, Honda. Nestid, Marks 
and Spencer. Mitsubishi. McDonalds. Coca-Cola and 
many many more. 

. The chart below illustrates this by comparing the 
performance of the world's top companies with a 
typical high street savings account. 

THE TOP COMPANIES IN THE WORLD 
£s PROVIDE A GREW OPPORTUNITY FOR GROWTH 
4»000. 


Uakimaf £1jxMmwit*d 5 yarn *go kith* Wbrkt Indue 
tnetincom*r+jmtstmdLsxai1btgcanvwrt*t 6 . 


3J000 


2XW 


1,000 



-HIGH 




1.182 tlfi 11S4 1.185 lies lie? 

Unfortunately, investing directly into stocks and 
shares, to any worthwhile degree, is usually too risky 
or too expensive for most people. Indeed, many 
people have already seen their share applications 
scaled down dramatically and profits reduced by the 
costs Involved in buying and selling shares. 

There is an easier and safer way of investing in 
stocks and shares. And that's through a unit trust 



HOW A UNIT TRUST WORKS 

A unit trust is really just a collection of profes- 
sionally managed stocks and shares. . 

When you invest in a unit trust, your money Is 


ofthp tr^strThese funds are then used to boy a wide 


profits and spreading the risks. 

/ Depending on how much you invest in the trust, 
you will receive so many “units" Then, as the value 
pf the stocks and shares within the trust moves up or 
down, the value of your units moves with it. It's as 
; simple as that. : 

Over toe tesUO years, the average unit trust has 
provided considerably greater returns than the 
average high street savings account, this is probably 
why more end more money is being invested into 
unit trusts - even more than building societies in 
recentmontos. 

For the best returns, you should view a unit trust 
as a medium to long term investment. You should 
always remember that. Just like shares, the value of 
units and the income from them can go down as well 
asup. 



ROYAL ANNOUNCE THE LAUNCH 
J OF THREE NEW UNIT. TRUSTS 

This new issue from Royal Life Fund Management 
gives you an investment opportunity more exciting 
and versatile than any single share issue. 

Quite simply, toe "Royal Event" is about investing 
in a wide spread of companies which, when harness 
sed together in a unit trust, have toe potential to be 
exciting performers in the world's stock markets. ... 

It consists of three unit trusts which offer diffe- 
rent levels of risk and reward. You can invest as 
much-or as little as you like -subject to a minimum 
of £250 in each trust selected. Furthermore, ifyon 
invest a total of £500 or more you will receive a 1% 
discount on the price of units. 



THE-ROYAL INTERNATIONAL 
CAUTIONARY TRUST 


The objective ef this trust is to outperform the 
total returns from a typical high street savings 
account by providing a combination of income and 
capital- growth. Twice a year you will receive an 
income payment: , ~ . ‘ 

. The trust aims to offer a high degree of security 
and will invest primarily Into fixed interest and 
similar securities (ejg. government bonds). The batence. 



OFFER FOR SALE 


BY ROYAL LIFE FUND MANAGEMENT LIMITED 

Trustee to the issue: CHASE MANHATTAN TRUSTEES LIMITED 

Under Offer For Sale in the United Kingdom 
Units in the Royal Life International Cautionary Trust at 50p each 
Units in the Royal Life International Growth Trust at 50p each 
Units in the Royal Life International Speculative Trust at 50p each 

1% DISCOUNT 

Units purchased during the initial offer period, which closes at 
5 p.m. on Wednesday 30 September 1987, will be offered to . 
Investors at 50p per unit. However, if you invest £500 or more, a 
discounted price of 49.5p per unit (a discount of 1%) will apply. 



Unlike some share issues there will be no balloting or 
scaling down of applications. The Managers 
guarantee that all applications will be honoured in full. 


of toe trust’s funds, normally no more toan 40%. will 
be invested in top company shares around toe world 
which have produced consistently good returns. 


otr 


. THE ROYAL INTERNATIONAL 
GROWTH TRUST 

. The International Growth Trtist will aim to give 
you significant growth with an acceptable degree of 
risk. Its objective is to outperform toe FT-Actuaries 
World index (a compilation of the world’s top 2.500 
largest companies)nveF toe medium to long term. 

The strategywinhe to invest largely in the shares 
of international “blue chip” companies with a long 
established reputation for steady profits- and growth. 
For example, major companies like Marks and 
Spencer, ICf, Ford and Kawasaki to name but a few. 

A limited proportion of toe trust will be invested 
for even more rapid growth in “secondary” world 
stock markets such as Taiwan and in companies set 
for major recovery. 

The International Growth Trust’s balance be- 
tween security and risk sbouid prove to be Ideal 
for the majority of investors and particularly for 
first-time Investors. 


Clearly, you should not expect an instant price 
leap when dealings commence. But for discerning 
investors, this will be more than offset by the excel- 
lent prospects for capital growth in toe medium to 
longterm. 

Remember, toe value of your unit holdings and 
toe income from them can fall as well as rise. 



THE ROYAL INTERNATIONAL 
SPECULATIVE TRUST 

This trust will aim for really outstanding capital 
growth, far in excess of ordinary high street invest- 
ments. by. adopting an adventurous investment 
strategy.' 

The Managers will seek out exciting companies 
worldwide and will be free to move swiftly and 
aggressively between aU markets, exploiting new 
trends and sudden market changes. The portfolio 
may also include traded options and warrants, 
where appropriate. 

With such a strategy toe risk and potential re- 
wards are both obviously high - this trust is only for 
the investor who is prepared, and can afford, to take 
{peater risks in pursui t of spectacular returns. 



THE ROYAL EVENT 
AROUND THE WORLD 

. Each of toe. Royal Life trusts Is an international 
trust investing in stocks, shares and securities 
around the world. This gives them an advantage 
over single share issues or more specialised trusts 
concentrating’ on one country, currency or sector. 
The Managers therefore have toe facility to take 
foil advantage of any investment opportunity that 
arises, anywhere in toe world 
Furthermore, whilst currency movements can 
result in losses as well as gains, toe Managers can 
protect the returns of each trust by “hedging" any 
currency risk. 



THE ROYAL PEDIGREE 

_.3bjnany jeop!e_ Royal _is a household name. 
Established in 1845, the Royal Group xurardeals 
with aU forms of personal finance, insurance and 
investment. Currently, it manages assets in excess 
of £11 billion and is represented in over 80 countries. 

Royal have brought together a team of highly 
experienced professionals to manage the three new 
unit trusts. In addition they will be able to draw on 
toe resources of Royal’s worldwide network of bran- 
ches and investment centres. They can also call 
upon expertise from independent stockbrokers and 
analysts from toe world’s financial centres, as and 
when appropriate. 




YOUR INVESTMENT CHOICE 

As you can see. there are three international unit 
trusts offered for sale. In terms of reward, one is 
aiming for security, one growth and one a more 
speculative investment. . 

Each person is different. But most people wiU j 
find that their needs can be met by one single invest- \ 
ment in the Royal Life International Growth Trust. | 
To apply, simply complete the application, in full. | 
indicating the trust(s) in which you wish to invest. | 
Please remember toe minimum investment in any | 
one trust is £250, but there is a special 1% discount j 
on toe initial price of units if you invest a total of at f 
least £500. 1 

Then return toe application, together with your I 
cheque made payable to Royal Life Fund Management 1 
Ltd to: The Royal Event, P.O. Box 34. FREEPOST, I 
Peterborough. PE2 OUE. No stamp is required. I 

L 


ANSWERS TO SOME 
IMPORTANT QUESTIONS 

WHAT ARE THE CHARGES? 

Once only, at the time of your original investment, we make 
an initial charge of 5.25% for administration. Then, each year, 
we charge only 1% (plus VAT) of the value of your investment 
to manage it. although the Itust Deed permits this to be 
increased to 15% (plus VAT) subject to giving unit holders 
3 months* prior written notice. These charges are automati- 
cally deducted from your investment. No additional payment is 
required by you. Remuneration is paid to approved inter- 
mediaries at rates which are available on request. 

WHEN CAN I SELL MY UNITS? 

Whilst nnit trusts sbouid be treated as a medium to long 
term investment, you can sell your units at any time. Indeed, 
we are obliged by law to buy your units back from you on 
demand at the “bid” price ruling on the day you wish to sell. To 
sell, you simply fill in the back of your certificate and post it to 
us. It usually takes about a week Tram the day we receive your 
certificate for you to get your money. 

Unlike shares you do not need to deal through a stockbroker 
or other share dealing house and no charges are payable by 
you on realisation. 

HOW CAN 1 FIND OUT HOW MUCH MY INVESTMENT 
IS WORTH? 

You will receive a certificate which shows the number of 
units bought in each trust. The prices and yields of these units 
are calculated daily and appear in the financial press. They 
will first be published on 7 October 1987. 

WTO ARE THE MANAGERS? 

The Managers and Registrar to the Rusts are Royal Life 
Fund Management Limited. (Registered Office P.O. Box 30. 
New HalJ Place. Liverpool L69 3HS. Registered No. 1609627). 

The Managers may use ail investments and investment 
techniques which may be authorised Tor investment by unit 
trusts in the future, provided they are consistent with the in- 
vestment objectives of the respective trust and the Managers 
consider their use to be in the interest of the unitholders. 

The stocks and shares quoted as examples in this prospec- 
tus are typical of the securities that will be held In the three 
trusts. The securities mentioned may not necessarily be in- 
cluded in the trusts as our view of various shares and markets 
will change as time passes. 

CAN 1 TAKE AN INCOME? 

Yes. If you invest in the Cautionary Trust, which aims to 
combine capital growth with a degree of rising income, you 
will receive income payments twice a year - on 15 April and 15 
October. The first payment will-be made on 15 October 1988. 
The estimated gross initial income yield for the Cautionary 
Trust is 4.26% p.a. 

The aim of the Growth and Speculative Trusts is to achieve 
substantial capital growth and all net income is automatically 
re-invested. Investors in these trusts will receive a tax deduc- 
tion certificate and a report from the Managers in August 
(Growth) and May (Speculative) each year. 

Reflecting their objectives of capital growth, the estimated 
gross Initial income yields on the Growth and Speculative 
Trusts are relatively low; they are 0.64% p.a. and 0.43% p.a. 
respectively. 

WHAT IS THE TAX POSITION? 

- _ Basic rate tax.(curreuty. 27%ris deducted: only from in-r 
come payments, whether withdrawn or re-invested. If you pay 
basic rate lax, there is no further tax on income dust like 
a building society). If you pay higher rate tax. you will be 
required to pay some more tax at the end of the year. 

However, unlike building society investments, non- 
taxpayers can reclaim income tax which has already been 
deducted. 

The first £6,600 of realised chargeable gains in any one i ax 
year is free of all taxes. In the longer term the rate of inflation 
can be applied to reduce any chargeable gains. 

WHAT IS THE ROLE OF THE TRUSTEE? 

The Trustee is appointed to hold the assets of the trusts, to 
safeguard the interests of an unit holders and has overall 
responsibility to ensure that Che rules of the trusts are being 
kept. The Trustee is Chase Manhattan Trustees Limited. P.O. 
Box 16. Ufoolgate House, Coleman Street. London EC2P 2HD. 

The Rusts are authorised by the Secretary of State for 
Trade and Industry and classified as wider range investments 
under the Trustee Investment Act. 1961 

Note: The units and the trusts have not been registered under 
the appropriate US legislation and units may therefore not be 
offered, sold or delivered directly or indirectly in the US or to a 
US person. 


ROVAl. F\ FXT WPUCAT IOX FORM 

OFFER CLOSES 30 SEPTEMBER ‘lSS7 
Y'-i DiSCGUMT FOR C5CC OR MORE 


The Royal Event of 1987, 

P.O. Box 34. FREEPOST. Peterborough PE2 OUE. 
PLEASE USE BLOCK CAPITALS 



X 


First Applicant 
Surname {MnMrs/Mlss/Ms). 


Foreoame(s) in fulL 


Second Applicant (If Trnst(s) is to be in joint names) 
Surname (McMrs/Mtss/Ms) 


Forename(s) in fnlL 


Address of First Applicant. 


.Postcode* 


I 

PONT MISS THE EVENT OF 1987 I 

Post your application today - toe initial offer j 
closes at 5 p.m. on 30 September 1987. And don't | 
forget to enclose your cheque. Investments re- j 
ceived after this date will be issued at toe offer price j 
ruling on receipt of your application. j 

We aim to despatch a contract note, confirming 
your investment, -seven days after toe official price is 
first published on 7 October 1987 - and your Unit 
Certificate, which confirms your ownership of the 
units, will follow during November. 

Should you need any farther help in completing 
your a pplication, phone Royal (free of charge) 
on 0800 626 563. Lines will be open 
m 7 days a week, 8 am, to 9p.m. 


Do you currenUyhoW any Unit Trusts? Yes □ Non Shares? Yes □ Non 

1/We wish to invest, (minimum £250 per trust) and enclose my'our cheque 
for the total made payable to Royal Life Fond Management Limited. ■ 

in tbe Royal International Cautionary Trust 

in the Royal International Growth Trust 

in Uie-Royal International Speculative Trust 

Total Investment 


l 


I 


I declare that I am over 18 years of age and I am not a US national or a 
resident of Eire. 

Signature® (All applicants mast sign) Date 


/Sept1087 


Name ot Financial 
Adviser (if any) 


For office use only 


Code 


l 
l 

/Sept 1987 | | 

I 

a I 
til 


Royal Life Fond Management Limited i 

Registered Offlej P.O, Box 30. Rail Placu, Liverpool L6fl 3HS. Registered No. 1609627. J 
A MEMBER OF THE UNIT TRUST ASSOQATION | 
















VUI WEEKEND FT 


financial Times Saturday September 19 1S87; 


The Second Alliance Trust PLC 



Net asset value triples 
over 5 years. 

1987 dividend up by 13.5% and net asset value by 28.3%. 

Number of stockholders rises by a further 14.5 % this year and 28% 
in the last 2 years. 

regular savings and divi dend investment schemes 
AND P.EJ*. SCHEME TO MEET PRIVATE INVESTOR 
REQUIREMENTS. No initial or annual charges. 


For further information and a 
copy of the Report and Annual 
Accounts, please return ta 
The Secretary 

The Second Alliance *Ihost PLC 
Meadow House, 

64 Reform Street, 

Dundee ODI m 


Address 


finance & the family- 


Eric Short welcomes a house contents policy offering no-claim discounts 


FT1 9/9/87 


AT LAST a house contests 
insurance policy fiat rewards 
those who make only infre- 
quent claims C06M tO the 
market — in fact; two such 
contracts appeared last week. 

For decades, motorists w ho 
do Dot Tuafce rfafrna on their 
motor insurance policies have 
paid Sower premiums through 
the operation of a no-claims 
discount system. 

But for house contents insur- 
ance, tire householder pays the 
same level of premium irre- 
spective of tas Haims experi- 
ence. This is in complete 
contrast to commercial property 
insurance where the under- 
writer takes tire claims experi- 
ence into account when assess- 
ing tins premium. 

The insurance companies 
themselves may have been put 
off by the lack of success of 
earlier attempts by two of its 
major insurers ■ — Eagle Star 
and General Accident — to 
operate a No CHaims Discount 
scheme for houseowners. 

A growing number of insur- 
ance companies are giving 
premium discounts on a variety 
of factors — if householders take 
adequate security measures; if 
they belong to a neighbourhood 
watch scheme; if they lag their 
internal water pipes; and even 
if they have reached a certain 
age. 

But these moves, welcome 
though they are, are essentially 
attempts by the insurance com- 
panies to try and stem the ever 
rising level of claim payments 
by encouraging householders to 
be security-conscious against 
thieves and be prepared for a 
cruel winter. 

It has taken Britain's largest 
building society — the Halifax— 
to point out that the most 


A little Xtra helps 


straightforward way of dis- 
couraging claims is to reward 
nos - fjaimlpg householders 
through lower premiums. This 
is the basis of its new co ntents 
insurance polic y Co ntents Xtra 
(underwritten by a panel of in- 
surance companies) led, ironic- 
ally, by General Accident. 

The policy is available only to 
householders who are Halifax 
borrowers or investors of at 
least three mouths standing. 
The householder must not have 
made more than one claim on 
bis previous conte n t s insurance 
policies daring the last three 
years. Halifox is accepting the 
householder on trust for this. 

The premium rating for Con- 
tents Xtra la thus based on 
lower numbers of claims with 
the saving being passed im- 
mediately to the householder. 
Some idea of the savings 
Involved can be gauged by the 
renewal terms on the contract. 

• A householder who does not 
inairo more t>v»n one r *^ a ^ Tn in 
any three-year period will con- 
tinue to pay the same premium. 

• If, however, he has two 
claims in a three-year period 
the premium is increased by 
25 per cent 

• If the householder is unfor- 
tunate enough to have three 
claims in the period then the 
in ce rase is 50 per cent But 
like most NCD schemes the pre- 
mium benefits are restored with 
each successive claim-free year. 

The other important features 
of Contents Xtra is that first it 


COMPARISON OF CONTENTS INSURANCE PREMIUMS 
C ontents valued at £20,000— *58 excess sec urity leeks on doors 
and windows. . ' 

3-bedroom 

bungalow 2-bedroom 
North-cast home 
Kent London W14 


Halifax Contents Xtra (a) — — £544H> 4152^0 

Royal Insurance HomeSbieM. ......... £624)9 £209£Q 

rAnmi f^ } Union Homebnyer £67-83 (b) £ltt-52(c) 

<bimiifwhf Union Silver Key (&) . H £9AW £194.00 

Son Aniaw» Home insuran ce (e) ... £80.00 _ 

Keys: (a) nwTfmuro sum insured £30*000; TO^maxtamn sum 
Insure d £13,000; (e) sum Insured W no 

excess; (e) £25 excess. . 


adopts the new but growing 
concept of basing the premium 
on the Rgft of house — in this 
case on the number of bed- 
rooms. Then, it does away com- 
pletely with the need for the 
householder to ascertain the 
replacement value of bis con- 
tents. 

With most contents insurance 
policies, the householder still 
has to make an accurate value 
of the contents and keep this 
value up to date — a difficult and 
time-consuming tas k. This 
determines the sum insured and 
from that figure the premium is 
calculated. 

The odds are that the house- 
holder finishes up by guessing 
the value of his contents, getting 
too low a value and thus being 
underinsured. 


The new style of the Hal ifax 
sc h em e is for the insurer to 
calculate the average value of 
contents for various types of 
houses and base the premium 
on those values The premium 
wm be quoted for each type 
of house and the insurer win 
pay out on claims up to a 
lyrtain amount. The house- 
holder has no need to adjust 
the cover when buying or re- 
placing items. This is i m i n ded 
within the overall limit. 

With Contests Xtra, -tire 
premium is based on the rating 
district (there are five) and the 
number of be dr oom s, with am 
overall limit of £30,000. ■ -~ 

The other main feature of 
this policy is that premiums are 
paid monthly without any 
penalty. Householders can pay 


annually, but the amooMjs is 
pmfK the monthly figure. 

The premium stffl varies 
according to the geographical 
location, based oa the bow 
s tand ard postcode system, with 
five rating areas, .yTheJtefi 
risk in London gives it the 
highest rating. 

The table shows premium! 
comparisons for two wid ely 
separate rating areas, with re- 
cently la unch ed contents poll- 
ciea from major insurance coo- 
ponies. • • 

The whole objective of this 
scheme is to pick out. the good 
risks charge lower pre- 
miums. In this respect Con* 
.tents Xtra goes farther and 
offers a further 10 per cot re- 
duction -if the householder is 
aged 60 or over and retired- 
reflecting -the fact that these 
people are more likely to be in 
the house daring the day, cut- 
ting down on risks. ■ 

Householders win have' to 

meet the first £59 of loss them- 
selves, unless they are willing 
to pay an extra 10 per cent os 
the premium. 

Another new policy, the 
Houseplus 2 contents Insurance 
policy from Municipal General 
Insurance operates Its No 
Claims Discount scheme in 
arrears. If the householder has 
a! 12-month period free from 
claims, there is a 25 per cent 
redaction from tire renewal 
premium. 

Comparisons of premiums 
under Housephu 2. with other 
contracts is tricky, since this 
policy combines all tasks and 
freezer in one contract and is 
sold in units of £2j5Q0 sum 
insured with a minimum of 
£ 10 , 000 . 


This adv e rtisement is issued in compl ian ce with the Regulations of The Stock Exchange. 




Nationwide Anglia S g 


(Incorporated in England under the Building Societies Act 1874) 

Plating of £20,000,000 10% per cent Bonds 
dne 26th September, 1988 

Listing for the bonds has been grantai'by fee Council of The Stock Exchange. Listing 
Particular in relation to The Nationwide Anglia Building Society are available in the 
Extel Statistical Services. Copies may becoBected from Companies Announcements' 
Office, P.O. Box No. 119, The Stock Exchange, London EC2P 2BT until 22nd 
September, 1987 and until 5th October, 1987. 


Fulfcm Prebon Sterling Ltd., 
34-40 Ludgate JED, 

London EC4M 7JT 


Rowe & Pitman lid. 
1 Finsbury Avenue, 
London ECZM2PA 


19th September, 1987 


Let with advantage 


RAY AND JANE enjoy the 
countryside. Although they do 
not want to visit it e v e r y week- 
end, they would enjoy a place 
of their own. Ray has suggested 
they buy a cottage Which Jane 
can furnish and Which they can 
rent on short lets when they do 
not intend to he there. The tax 
considerations also favour this 
suggestion. 

Before 1982, there was con- 
siderable uncertainty as to 
whether the work involved with 
r mming furnished holiday 
accommodation was sufficient to 
classify the revenue as income 
from a trade or income from 
property. There are more tax 
advantages associated with trad- 
ing income — such as more 
flexible loss relief, capital allow- 
ances and generous deductions 
far expenditure incurred— than 
with income from property. 

The matter finally was 
decided in favour of the Inland 
Revenue in the case of Gittos 
v Barclays in 1982; money from 
furnished holiday accommoda- 
tion was to be treated as 
income from property, sot from 


a trade. This caused consider- what other property yo u ow n or 
able wmvwi »ti holiday how much the loan is, provided 
Industry and. In 1984, legists- the interest is at a commercial 
tion was introduced fback-dated rate. 

to April 6, 1282), to ease the All other spending will also 
harsh effects of the decision. be deductible such as rates. 
The l egislation provided that maintenance, services and elec- 
while the < Fmiw was to tricity — provided it is incurred 
be treated as. coming from exclusively and wholly in pro- 
property, the majority of the viding the holiday accommoda- 
tax advantages with tion. Spending for domestic or 

running a trade would be private purposes will not be 




w 

-A 


grafted on top. 


deductible. Therefore, some 


Briefly, the »mt n tax advxn- spending might have to be 
tages now associated with apportioned between personal 
furnished holiday accommoda- and busines use. 


tion are these. 


Deductible spending also wfll • Fun loss relief is available, relevant income for retirement 


• All s pending that would have indnde qualifying expenditure So, if deductible spending and annuity relief, 
been deductible from «wome if taennefi wholly and e xclusi vely capital allowances exceed the • The income, tax is payable 
the holiday lets had been ** *he fomished ac comm oda- income from the holiday lets, in only two instalments— on 
treated as a trade is deductible ti(m before the property is first the. resulting loss can be set off January 1 and July 1. 
from the letting income. The tet in the same way as would be • The income win be treated 

most notable inclusion la §; Ri pH ai allowance will be - possible if it were a loss arWng . as relevant earnings for personal 
interest payable on a loan available— -at a rate of 25 per from a trade. ' ' ' pension schemes, 

raised to buy the prope rt y. cent a year on a -reducing For instance, if Jane arranges • Relief from cartel gains tax 

Interest is. not normally balance basis — on the cast of the lets and makes, a will be available -on the sale 

deductible from income from such assets as fridges and lost -of £16.000, -Qua can be Set of the holktayatreotamodation if 
property but is deductible from cookers, bought either new or off first against hex other ewned the other conditions of either, 
money received from furnished second-hand, for use in tile in co m e , then against Ray’s rollover relief for replacement 
holiday accommodation. This furnished holiday accommoda- earned income, and finally Ray's of business assets, or transfer of 


Rolls-Royce 

shareholders: 

you have only 4 days 
to make your 
second payment 


If you have Rolls-Royce Shares, 
we'd like to remind you that the 
final instalment is NOW due. 

It must be received by 3pm on 
Wednesday 23rd September 1987, 
or you may lose your right to 
your Shares. f ! 

Please send your payment at J 

once to the Receiving Bank ^ 

specified in the Letter of 
Allocation and remember 
to enclose the whole Letter 
of Allocation with your 
payment 

If you acquired your Shares 
subsequent to the original “ 

offer you MUST make a I 

declaration as to whether or 
not the Shares will be “foreign-held” 
by deleting one of the nationality 
declarations in Form Yon Page 4 
of the Letter of Allocation. 


ROLLS 


ROYCE 


If you have any queries, please contact 
the Receiving Bank specified inyour 
Letter of Allocation as follows: 

National Westminster Bank PLC, 

New Issues Department, PO Box 79, 

2 Princes Street, London EC2P2BD. 
Barclays Bank PLC, New Issues 
Department, PO Box 123, 
Heetway House, 25 Farringdon 
Street, London EC4A 4HD. 
Midland Bankplc, Stock 
Exchange Services Department, 
Mariner House, Pepys Street, 
LondonEC3N4DA 
The Royal Bank of Scotland pic, 
PO Box 27, 34 Fettes Row, 
Edinburgh EH36UT. 

® If you have lost your Letter of 

Allocation, please telephone 
01 260 0376 for advice. 

If you have recently acquired Rolls- 
Royce Shares and have not received 
your Letter of Allocation, contact your 
financial adviser immediately. 


^ ft Co. limited on behalf oiKM. Government 


wiH be deductible regardless of tion. 


other income (including Jane's business on retirement relief; 
investment income). m ratified. 

Thus, to tire extent that the 


Irish appeal 


To qualify for these tax 


loss exceeds Jane's income, it advantages, the . holiday 
would be deductible against property must be run on a Corn- 
Ray’s Income chargeable at his merdal basis. It must be: 


top rates of tax. 


Let as .furnished holiday 


A PACKAGE that offfere into the bond part and the • ^ revenue treated as accommodation on a commer* 

guaranteed income for five to remaining 38 per emit is used earned Income. This could be basis. 

10 years, plus the opportunity for the annuity. For the 10- advantage to Kay and Jane • Available to the public (not 

for capital growth or additional year version the proportions *** for example, she does not just friends and acquintances) 

income, is planned by Irish are reversed, with 40 per cent earn *** lncome * . ft* letting for at least 140 days 


life Assurance to have a 
special appeal to “ mature " 
investors (a polite name for 


going to the bond and 60 to Assuming Jane arranges the 
the annuity. letting of the holiday accommo- 

Iriah life estimates that a “EL”* 


A ssu m i n g Jane arranges the each year and actually be let 
letting of the holiday acconuno- for 70 of them. 


In addition, each individual 


those in the age group between a«ed 65 investing sioittn y 01 treated as her earned occupancy must not normally 
50 and 70). over T V L3 eania tocome against which the per- exceed 31 days during a period 

The scheme, to be launched manmteed income of 8A1 ner 801181 re ? icf attributable to her of at least seven months (which 


win* Tuucu ^ to,,,--! msr.peramai xof a nraunai sum, ana get tne 

should provide capital growth ^ 1 allowance but also her lower tax advantages. However It is 

and extra income if reanirwL lfle return an the bond. Of ntB hands. 


and extra income if required. 

The Universal Guaranteed c0 ?f 8 *' 001 gaarant eed- 


rate bands. worth noting that the property 

This, though must be con* does not have to be in a tradi- 


Inco m e Account Is simi l ar to Mnlrnnm investment in the aidered together with the tional holiday location like tire 
a single premium investment ““““e is £5,000. There is an national Insurance disadvantage. Cotswolds or Cornwall. It can 
bond. But instead of all your initial charge of 5 per cent and Jane could find herself liable be anywhere in the UK— which 


money being inviyd in a management fee of fr per to pay etnas 2 and 4 NI contri- would. 


managed 'funds, a proportion is rent monthly. 


used to buy a temporary 
annuity (for either five or 10 
years) which provides a guaran- 
teed income with a favourable 
tax rate. 

Having bought the annuity, 
the rest of tire Investment is 
put into a unit-linked bond. 

The advantage of the bond 
is an -automatic facility allow- 
ing you to withdraw up to 5 
per cent of the original invest- 
ment, free of standard-rate in- 
come tax, in case you require 
extra income. Withdrawals of 
this kind, of course, reduce the 
capital-earning power of the 
bond but can help top up in- 
come if -the need arises. 

For tiie five-year contract, 64 
per cent of your money is put 


CHARTYOUR £ 
SHARES - and 
double your 
money by 


John Edwards 


buttons. 

Among other tax advax 
• The revenue is trea 


course. Include 


London and Home Counties, 

. Caroline Gamham 



AUTUMN 1987 



Invest in UK Entrepreneurs ^ 


Siii 




"Sbn can do this if you have a mini mm n of 

£3,000 to invest under the BUSINESS 
cvniMcmu cr*um/D 



hM\\{ 

Ml iH' 







WEEKEND FT IX 


• . i-.i • - . 


7~:-- -&2 £ -i.‘- A.C. 



;S? cj«ws *' 

•Sfts 

Jf| 

5|w^ 

E!1 

-tt=ua,^ W pe, J 

fe 2 ** '' 

froa 



ft! 1 

-S?*? Sfc 

“«* wmS 1 
;: r*?i «& fc 

i H,?J 4 ^ 



:."*. ^K™s fi?2; 
!;•• r>L:i 
:■-■ BX3» rj SG 

r.:i T*9 U25*S 

:-•■ 1 iLi Jyl 
:n:cr.e rEa: 
5-i"'. SSRUSJSis 

■r- iAass. 

>sr ires capita 

bi 2T:it:« ev. 
; Hv.ijy iicasrs 
■-■nr iSMiaat 
;. r «!:•: for s£z 
J.;ii ssa<R2 

• -J C“ 7r— ~- 

•* t-,£X 

' r j\_ Jy f” 3 

■ ’ *3* ^ 
suStowu 

.•> =i fisist 
£=r.:i O 1 = 

Vi.lt-- r*" 

-- 

.—■ -i ‘arsis® 3 ’ 
' ,"; r aj aSsS ! 

-.a «a ff 

•"y .* - 

'Tii iSs®*'” 

■ - • ••'■*- 5i>- ' 

; H&"? 


' - ' . 1 jiiS 

a y-^rX 33* 

iv.‘i * jp^E? 

; 7 -: ? ***3! 

- r SC J " 

‘ Caroline 


Financial Times Saturday September 19 19S7 


r 


c/v^-U -j-" 




FINANCE &THE FAMILY 



amateurs 


SPSS 

icL’lsiaA 

S *« 


My father has hew giving ’ 
what he thought were exempt 
gifts <le within the legal 
limit) to his children over a 
period of about 30 years. Be 
did not declare them on his tax 
return. They -were, however, . 
paid Into a bank account on 
which he had authority to sign. 
Be has been told over the phone 
by an employee at the Capital 
Taxes Office that the gifts 
are not valid and that he will 
be liable for excess inwwne 
tax and death duties on the 
whole amount. Be is now over 
8ft, and terribly worried that 
the Revenue wfl] take 
everything from himself and 
bis children. .- 

Mach of the money he “ gave ” 
however, has been used by his 
children to boy houses etc or. 
invested in ether accounts, eg, 
building society on which he ._ 
does not have authority to sign. 
Would inch money become a 
valid gift? My father would 
have no way of recovering it. 
in the. case of money which 
still remains In an account on 
which he does have authority 
to sign, what would be Ids 
best course of action? 

Should my father consult a local 
solicitor or accountant? How 
can he find someone 
sufficiently expert In these • 
matters?. 

Is there any limit on the 
mnnbeT of years the Revenue 
can go back, and would a 
hank be likely to. still have 
records going back 2ft years 
Should my father consult a local 
correspondence with the. 
Revenue now, or would that 
he likely to prolong his 
period of worry? 

As we have warned our reader 
from time to time, over tie 
years, do-it-yourself tax ®voi~ 
auce is a risky game or 
amateurs.' Trying to avoid Wh 
tax end the fees of tax exprts 
often ends; many- years late, in 
financial disaster. Sinoe ^our 
father faces a likely invetiga- 
tion into possible incouF tux 
liabilities for past years— i nder 
chapter HI of part XVI, of the 
Income and Corporator Taxes 
Act 1970 and its predpssors, 
for example-— be shout waste 
no more tune, but sbotrd imme- 
diately seek out a goof account- 
ant or solicitor wtote skilled 
in this type of situafcn- If no 


friends or Tusiness acquaint- 
ances can reommeod a suitable 
firm, then i will probably be 
safest to cutset the local office 
(or essodats) of one of the 
national- Bros. The Revenue's 
penalties- A? neglect are often 
fiiftigttted ttibe taxpayer makes 

the first- nove. rather than 
simply keying hie heed down 
until the tpenjan comes to call. 
In the .cupiinstances outlined, 
there is . probably no effective 
limit chlJkw far back the 
Revcntu&invBetigxtors can dig. 
If the' elevant documentary 
evidence been destroyed (as 
seems HJeiy from what you say) 
by your brothers and sisters, 
then if fill be difficult to rebut 

a presnaptfon toy the Revenue 
that tie events in years for 
which -.hi ok statements etc. are 
av Xilab C were mirrored in 
earlier Sears, for example. In 
the eOJit will probably come 
dowalxynutkiag 211 offer to the 
on account of the tax 
interest and penalties 
is why skilled assist- 
ance is essential, despite the 
high Tost of such Skilled and 
timennsaming work. The child- 
ren nay wish to consult inde- 
pendent advisers — to see 
whefaer they may be called 
u pei to contribute, if your 
fatter should be made bank- 
nvt. 

Retiring 
little wines 

My husband and I are 
considering the possibility of 
retiring to France and one 
or the many factors which 
we most take into account is 
over our writing wine “ cellar.** 
Over the past 10 years we 
have purchased a quantity 
(1,000 bottles approx) of fine 
wines and vintage ports which 
are at various stage of 
maturity and which we would 
hope to be able to consume 
within our lifetime. If we 
decide to transport the wine 
(the bnDc of it French) to 
France, will It attract any tax? 

If so, we may decide to sell 
that part of ft that wai not be 
mathre enough to consume 
before we leave. In this event, 
will we be liable to pay 


capital gains tax on the 
proceeds and if so, how win 
It be assessed given that we 
have not kept detailed records 
of the purchase price of most 
of the wines. 

On the bare facte outlined, the 
contemplated sales should not 
attract either an income tax or 
a capital gains tax liability. Our 
Briefcase service is limited to 
the laws of the UK. 

Apartments 
in the sun 

We own an apartment for 14 
days in Tenerife in perpetuity. 
The owners are registered in 
the Isle of Kan where the 
governing laws apply. 

We also own an apartment for 
14 days in Malta for 25 years. 
The resort club is registered In 
England and the laws of 
England apply. 

The £6,000 or so capital sum 
however is no longer producing 
interest in this country. 

(1) Should I report these 
purchases now to the inspector 
of taxes and am I likely to be 
asked to pay any tax as a benefit 
in kind? 

(2) In the event of the death of 
one of us should one or both 
properties be declared for 
inheritance tax? 

1. No, to both parts of the ques- 
tion. The Inland Revenue are 
no longer asking for details 
of chargeable assets acquired. 

2. Yes. 

In the event of a sale of your 
rights of occupation, the wast- 
ing-asset rules of capital gains 
tax will probably bite— so you 
may be faced with a chargeable 
gain greater than any actual 
gain, and may even be faced 
with a chargeable gain although 
you actually sell at a loss. 

Paying for 
housework 

I would be grateful if you 
could confirm whether or not 
it is possible, under a * deed 
of covenant,* to offset a portion 
of the cost uf the following 
situation against tax. 



Mb legal responsibility cm be 
accepted by the Financial Times for 
the answers given In these columns. 
Ml Inquiries will be answered by 
post as soon as possible. 


My common-law wife does not 
work but stays at home to look 
after our three children (all 
under two and a half years). 
She last worked some 14 
months ago. 

Can I arrange to pay her to 
continue staying at home to 
look after the children and 
offset any of the cost against 
my tax liability? If so, what 
would be the maximum I 
could pay without encountering 
N1 contributions, tax in her 
own right or other penalties 
which would affect the 
payment? Also, what would 
toe tax benefit be to me being 
a tax payer at the standard 
rate? 

Ask your tax Inspector for the 
free pamphlet on deeds of 
covenant, IR74. It is virtually 
essential that the beneficiary 
has a bank account into which 
the covenanted payments can 
be paid (and on which you have 
no power to draw). It will be 
necessary to demonstrate that 
vou do not derive any indirect 
benefit! from the covenanted 
payments: eg the beneficiary 
must not pay for food etc. 
which Is or may be consumed 
by you (unless you have 
separately supplied the money 
for such expenditure). 

Caught in 
a tax maze 

One year ago my wife and I 
separated, having sold the 
previous family home and split 
toe money derived. 

She purchased a property 
outright. I needed to use my 
proceeds In a variety of ways. 
The first and most important 
was to provide somewhere to 
live for my son. 1 purchased a 
flat on a mortgage, and using 
MIRAS for the balance of the 
purchase price to use my 


£30,000 tax relief. My son lives 
there, but X designated this 
property In my mind as being 
my prime domicile. I lived in 
rented accommodation 
associated with my occupation. 

I have now purchased a 
property for my own occupation. 
I was offered MIRAS relief by 
the building society — but - 
refused It on the Md* that I 
was already receiving this, and 
told them why. I would expect 
to sell the fiat at the end of 
next year as my son will no 
longer need it. 

What Is my position regarding 
CGT on the sale of toe flat? 

Did I need to refuse to accept 
the MIRAS relief — as I am 
providing accommodation for a 
relation. Could I have 
legitimately accepted both 
BORAS reliefs? 

From the bare facts outlined, 
it looks as though (a) you were 
not entitled to MIRAS on the 
flat mortgage interest, (b) you 
are entitled to MIRAS on the 
mortgage interest for the 
recently purchased property, 
and (c) the sale of the flat will 
be fully within the charge to 
CGT. It is a pity that it did not 
occur to you to seek guidance 
through the tax mate from the 
solicitors who acted for you in 
the purchases (mid mortgages). 
All good solicitors are prepared 


to advise on toe tax aspects of 
domestic property transactions, 
as an integral part of their 
conveyancing service. As a 
first step towards clarification 
(and rectification) of your tax 
position, you may like to ask 
your inspector for toe follow- 
ing free pamphlets: 

CGT4 — Owner- occupied 
houses; 

mil — Tax treatment of 
interest paid; 

IR30 — Separation and divorce; 

IR6S — MIRAS. 

Claim for 
interest 

With reference to the query 
headed “Claim for interest” 
(September 5), London and 
Manchester (Pensions) asks us 
to point oat that the pension 
scheme in question was subject 
to toe terms of an assurance 
policy which provided a pack- 
age of services, and was not 
simply a . pensions investment 
vehicle as implied. The discon- 
tinuance of the scheme has been 
dealt with in accordance with 
the terms of the policy. It is 
regretted that the facts of the 
case were not totally as stated 
in toe query. 


BRIDGE i 


LAST MONTH, two interesting 
bands occurred — the first is 
from duplicate pairs: 

N 

ft 3 

V A Q 10 S 
O K. Q 8 4 
ft A 9 7 6 
W 

ft A K J 10 
<9 8 3 
0 7 5 

ft 3 2 


was defeated because West made 
an inferior switch to the seven 
diamonds. 

The next hand comes from a 
rubber: 

N 

ft Q J 5 
O Q10 
O A Q 6 
* K Q 9 7 2 


S 4 

E 

♦ Q 8 5 
© K J 9 6 2 
O J 10 9 2 

ft 10 


W 

10 8 3 
A 6 3 2 
109 7 2 
A 3 


E 

ft K 9 6 4 
c K J 9 8 
O K J 4 3 

ft 5 


CHESS 


AMATEUR chess players who 
take their game, seriously and 
would like to iapxove face a 
chronic dilenunrln choosing a 
suitable openin' repertoire. If 
you select shax* and up-to-date 
lines such as ashionable Sicil- . 
>an« . or Kings. Indians,. . yon 
might be ovewqalihed^by ; toe 
sheer- volomfot relevant pub-, 
lished data, /grandmaster cfcn 
keep up witktefwrmrf orv Xow> 
raiment ChM , ' Chess . Express 
and toe latest tournament 
bulletins, ,-iqt it . is too much 
for the . non-professional to 
handle. • ■ 

On the other hand, playing 
by general principles of de- 
velopment is- insufficient, par- 
ticularly with toe white pieces. 
Nonde&ript openings often 


WEEKEND FT 

. ■ For information on 
t ' advertising, 
on the Books Page 
CONTACT ... 

. SUE MATHS^ON 
01-4*9 


result in passive positions. 

One of the best approaches 
to toe problem is to specialise 
in king's side open games after 
1P-K4, P-K4, avoiding toe well-* 
trodden Ruy Lopez 2 N-KB3, 
N-QB3; 3 B-N5L Such system 
play implies prepared lines 
against alternative Black de- 
fences like the Sicilian 1 . , . 
P-QB4 and toe French 1 . . . 
P-KX.but here . White reason- 
ably can vary as early as move - 
two by P-Q3L ; 

At ' various times ."in recent 
years; there have been fashions 
in British club chess for the 
Vienna (l P-K4. P-K4; 2 

N-QB3) or toe Evans Gaipbit 
(1 P-K4. F-K4; 2 N-KB3, N-QB8; 
8 B-B4, B-B4; 4 P-QN4) as toe 
chosen vehicles for open play 
with attacking chances. They 
had their successes, but even- 
tually toe analysts discovered 
counters. 

At present the most promis- 
ing open system is the Scotch 
Game, analysed very weU by 
George Botterill In one of the 
best Batsford monographs. 
White relies on superior de- 
velopment and does not nor- 
mally gambit a pawn, a con- 
sideration when an opening is 
used in club chess with adjudi- 
cation -after 30 moves. In this 


week’s game, the Scotch catches 
a grandmaster.' . 

White: J. van der Wiel 
(Netherlands). Black : B. 
Gnlko (US). Scoteh Game 
(Amsterdam Ohra, 1987), 

I P-K4, F-K4; 2 N-KB3: N- 

QB3; 3 P-Q4J>xP; 4 NxP. B-B4. 
Alternatives are 4 . . . Q-R5 or 
4 . . . N — BS: 5 NxN.-NPxN. 6 
P-K5. 5 N-N3, B-NS; 6 P-Q4, 
P-QR4. . . ^ 

"White's plan '.was- POORS' fol- 
lowed byjater R-R4 gad chances 
of a R-switch te^toe.kjngVside 
Stopping .this - plan, * Black 
weakens his QN4. square while 
his advanced pawn proves vul- 
nerable. 

7 N-B3, P-Q3; 8 N-Q5. B-R2; 
9 B-QN5. B-Q2; 10 OO, N-K4; 11 

B-Q2I 

Improving , on the book 11 
BxB cb, QxB; 12 B-K3 with a 
level game. If now ll . . . P-QB3; 

12 BxRPJP-QNS; 13 B-N4! PxN; 
14 QxP, BxB; 15 PxBJI-K2; 16 
G-N7 regains, material with ad- 
vantage. .. Taken by surprise. 
Black concedes a pawn without 
compensation. 

II . . N-KB3; 12 BxP. NxN: 

13 PxN, BxB; 14 PxB, OO; 15 
B-B3, Q-N47 

Now White wins by force, but 
if Q-R5; 16 B-Q4 Black's counter- 
play is stopped. 

16 RxB! RxR; 38 P-B4. Q-R3: 


19 Q-Q4, N-N5; 20 P-R3, R(2)- 
Rl; 21 PxN. KR-K1; 22 N-Q2, 
R-K7; 28 N-K4, Resigns. Black 
is down on material and posi- 
tion, while White is poised for 
a winning attack. 

PROBLEM No. 689 

BLACK ( ) man) 



WHITE (5 mar) 


White mates in three moves, 
against any defence (by R. F. 
Fegen, 1965). As often la chess 
problems. White's material 
superiority is a mixed blessing. 
The natural move 1 B-K4 con- 
cedes a stalemate draw, while 
otherwise toe black king is 
ready to sprint for toe exit by 
K-B4 and K-N4. 

SOLUTION PAGE XXI 

Leonard Barden 


s 

ft 7 2 

<5 7 4 
O A 6 3 
* K Q J 8 5 4 
West dealt at game all and 
bid three spades. North doubled, 
and South's jump to five clubs 
concluded the auction. West led 
the ace of spades, and switched 
to the eight of hearts. Taking 
with dummy's ace, declarer 
crossed to his club king, raffed 
a spade on toe table, and ran 
four rounds of trumps. In the 
five-card ending East held the 
heart king and his four dia- 
monds intact. On toe last club 
East threw his heart, and the 
declarer's seven was now good. 
East had been squeezed. At 
most tables South played in 
five dubs, and the result 
entered on the traveller was 
5 ft +1, 620 to North-South. If 
West,- instead of leading the 
eight .of. hearts, leads -toe three.- 
toe squeeze is destroyed: and 
South i^; held to ll.-tricks, - 
At pne table -South played in 
six dubs, and West after 
making his ace of spades, 
switched to the seven nf dia- 
monds — . hardly the recom- 
mended lead. 

The declarer won, and after 
he had ruffed his spade and 
drawn trumps, he cashed the 
ace of hearts— the Vienna Coup 
— and ran trumps. But now 
West held toe eight of hearts, 
and South’s seven was no longer 
a menace. 

• This was surely the height of 
irony. The declarers, who 
played in five clubs, made 12 
tricks because West made a 
reasonable switch to toe eight 
of hearts— technically, I sup- 
pose, the three is correct — and 
the declarer, who reached a 
reasonable contract of six dubs. 


S 

ft A 7 2 
07 54 
0 8 5 

ft J 10 8 6 4 

At game all, with North- 
South 60 and East-West 90 
below, my partner. North, 
dealt and bid one no trump. 
Normally I would pass, but 
because of the opposing part 
score I decided to bid two 
dubs, prepared to play in three, 
to discourage any intervention 
from West My partner nearly 
passed — so she told me later — 
but made toe normal response 
of two diamonds. I had to go 
three dubs, and all passed. 

West led the ten of diamonds. 
I took with dummy’s ace. and 
led a dub to knave and ace. 
East won the diamond return, 
and a third diamond was ruffed 
in hand. I led a heart to ten 
and knave. West won the next 
heart, and exited with his dub. 
Taking with the king. I ran the 
spade queen, which -won — East 
should have covered. I can, of 
course, ruff my last heart in 
dummy, but with North holding 
more trumps than South, that 
does not gain a trick. I decided 
to play an Illusion Coup, and 
ran all my trumps. In such a 
case toe defenders are apt to 
think that the declarer cannot 
hold another heart, and throw 
away all their hearts. 

The Illusion Coup — I brought 
it off a few years ago in the 
Guardian Pairs — did not work 
this time, but I was able to 
squeeze East I ran dummy's 
trumps, carefully unblocking my 
ten, and East Ad to throw his 
heart king or unguard the 
diamonds. 

Incidentally, a heart lead and 
a diamond switch beats one no 
trump. 

E. P. C. Cotter 


RESIDENTIAL 

PROPERTY 

DEVELOPMENTS PLC 

(Incorporated in England under ihe Companies Art 1985 No. 2091340) 

Offer for Subscription 

under the 

BUSINESS EXPANSION SCHEME 

of Up 10 

1,150,000 Ordinary Shares of £1.00 each 
at £1 . 2 0 per share 
payable in full on application 

sponsored by 

London & Sussex Securities Limited 

(Member of F1MB8A) 

The oBer provides investors with the opportunity to panidptie la an asset atpported 
property develop men! business conceniraitagon London and the Home Counties. 
The subscription list will open at 10am on Friday 18th September, 1987 and may 
be closed at any time thereafter but in any event not later than 5pm on Monday, 
16th November, 1987 unless extended prior to that date. 

HUs advertisement does not constitute an invitation to purchase shares in Sestdentlal 
Property Developments Pic. Applications msy only be made oo the application form 
annexed to the prospectus. For a copy of the prospectus, telephone London 
& Sussex Securities limited on 01-459 0058/72, or write to: London & 
Sussex Securities Ltd RPD Prospectus, 2nd Floor, 563 Finchley load, 
LONDON NW3 7BL 

Name 

Address 

Postcode Day Td. No. 


FTIOT 


m 


‘ THE WAY IN 
TO UNIT TRUSTS ’ 


The most comprehensive guide available for the 
personal investor, a 60-page special publication 
from MONEY OBSERVER, price £2.50, is yours 
FREE with the October issue of MONEY 
OBSERVER. 

The October issue of MONEY OBSERVER is on 
sale from 30th September and is available from all 
leading newsagents for just £1.95. 

To ensure that you -receive your FREE c Way In To 
Unit Trusts * with the October issue of MONEY 
OBSERVER, reserve your copy from your local 
newsagent now. 

Or take out a subscription — send your cheque for 
£18.50 (£27.50 overseas) to MONEY OBSERVER, 
Freepost, Mitcham., Surrey CR4 9AR. 


MONEY 

OBSERVER 



For information ploasa return this 
adve rtismw nt togetherwHh 
your business cord, tor 
Fi nan c ia l Times ' 
Conference Organisation 
2nd Hoot 
126 Jermyn Street 
London SW1Y4UJ 
Aftemativaty 
telephone 01-925 2323 
telex 27347 FTCONFG 
Fax: as tel no. 


Electronic 

financial 

Services 

-Co mpetition 
& Co-operation 

19 & 20 October 1987 

London 




The mostimportant criterionbywhich unit 
trusts be judged and compared is 

performance. . ' . 

Past performance, especially over the longer 
term; is a dear indicator ofa fond manager’s 
ability to provide investmentreteiis. 



■ -j-.? 



FapetuaTs fon(t management team is 

graphically illustrated 
in the returns that they 

have achieved for their 
longest established and 
largest unit trust; foe 
Perpetual International 
Growth Fund. 

If you had invested 
£1,000 in the Perpetual 
International Growth 
Fund at its launch in 
1974, your investment would have climbed in 
value to more than £34,000 today. 



t in performance 


Perpetual’s International Growth Fund was 
conceived as a managed fond aiming for 
steady and long term capital growth. And its 
success in achieving these goals is 
self-evident. 



Perpetual’s Past Performance 


Lunch 

daw 

Annul Compound 
gnmthrMe 

Fund rite 
ckKctanach 

International 
Growth Fund 

11.9.74 

31.5% 

3,372.6% 

Income Fund 

16.6.79 

22.7% 

434.8% 

Worldwide 
Recovery Fund 

23.1.82 

27.4% 

287.6% 

American 

Growth FUnd 

24.9.83 

13.8% 

66 . 2 % 


22.9.84 

29.8% 


Ear Eastern 

Growth Rind 

4.5.85 

51.4% 

|2 I 

European 

Growth Fund 

18.1.86 

25.7% 

44.6% 

U.K. 

Growth Fund 

12.6.87 

— 

— 


Biod ami ate am am aftem-M pm bant. 

NB. You ftoold remember ihuda prtcr of n 


BIE-Wcna! HUME Bccpt Ibr dwlnomo 
icu fO dotra at mB n 191 


Drawing on foe knowledge of a network of 
experts based in the major markets of the 
world, the Perpetual International Growth 
Fund’s aim is to continue to achieve well 
above-average returns in an ever changing 
international marketplace. 

In feet, aD of Perpetual’s funds have a record 
of achievement 

Past performance is not, of course, a 
guarantee of future success. 

However, long term performance has been 
the hallmark of Perpetual and our fond 
managers’ reputation for performance has 
persuaded more than 80,000 investors to 
entrust in excess of £600 million to Perpetual. 

As we continue to apply our experience to 
the serious challenge of investment 


performance, your invested capital could 
increase significantly through the expertise of 
our fond management team. 

Send for further details of Perpetual’s range 
of funds today. 

I Ptease fiend me details of the following (please tick box). I 

M4lik.bteioRdtai.oraR. j— ) European Growth Fuad ■ 

j Inmancud Growth Fund » — I B 

I I 1 I I III' RmMkRinl U 

I 

X 

I 
I 
I 
I 

j|i 

1 ^Perpetual tj 

■iffll.% X UHH«KIMiKi«auo>< I 


NMapjliabteiDialdHMrare. 

[ | Inuwiond Growth Fund 

|~] VfortdwideRBCOKiyFund 

□ Irsernniocal Emerging 
Companies Fund 
| | Income Rind 


| j European Growth Bind 

Q U.K, Growth Fund 

j j ftr Eastern GromhRmd 
j j AflKriom Growth Fond 

□ Monthly Swims Hm 

(From £20 per mooh) 


TbtFerptiml Onh Trail Marotgemeot lid, Hart Street, 
BenlqHU-Thws, Ohu RG92AZ. •» C04M) 5*868. 


SURNAME 

IKiM«Wb) 

ADDRESS. 


.POSTCODE. 




Is . 


.. ■: r .n'p.: 


























WEEKEND FT 


Financial Tines Saturday Septeml)er';J»yJ^r^. ;: ^ 


nt 




* TRAVEL* MOTORING 



Away from sophisticated French cities and resorts, our writers visit a mountain nature reserve and an almost forgo t ten part of 


ONE OF the joys of going south 
into Europe is the opportunity 
to wear shorts on most occa- 
sions, although in the Vanoise, 
in the French Alps, the weather 
was a little uncertain. A cool 
wind whipped around our 
knees, but the warmth in the 
sun suggested that the climb 
ahead might be hot, so we wore 
them just the same. 


The variety of Sowers was so 
great that a number remained 
unidentified even by the expert 
in alpine fiora with whom I was 
lucky enough to be sharing the 
walk, although their beauty and 
abundance was not diminished 
for that. 


Two plans were readily 
identifiable even to the 
botanical novice. The first was 
eidelweiss, whose furry white 
petals I dimly remembered 
from the label on the bottle of 
liqueur of the same name Z had 
once seen as a child. The 
second was the spring gentian, 
although I was unprepared for 
the electric blue of its live 
blooms to which no photograph 
can do justice. 


The new Willard — in its third 
incarnation following a $ 110 m 
refurbishment — has been pains- 
takingly restored to its turn-of- 
th e-century design, colours and 
materials. As luxurious as any 
modem establishment, it pro- 
jects a subtle blend of history 
and high-tech in a town where 
the past is confined to monu- 
ments and museums and the 
future merely means the next 
election. 

“ The Willard was home for a 
time to Abraham Lincoln, and 


ALTHOUGH THE German 
makers, as I reported last week, 
had few major new offerings 
at the Frankfurt Show, there 
was plenty of interest on the 
importers' stands. 

Volvo, after maintaining for 
years that non-independent 
Tear suspension was safer on 
slippery surfaces, unveiled a 
f ally-independent layout for the 
760 and its left band drive-only 
two-door derivative, the 780 
coupe. This must improve ride 
comfort which has been the big 
Volvo’s weak point, on rough 
roads especially. The springs 
are softer and, to stop the car 
sagging under a heavy load a 
self - levelling device is 
incorporated. 

Panther, the small Surrey- 
based producer of an amusing 
pastiche of pre-war sports two- 
seaters, the Kallista, unveiled 
its new Solo at Frankfurt The 
contrast with the Kallista could 
not be more dramatic. 

The Solo has its Ford 
Cosworth 204 hp turbocharged 
engine mid-mounted, and the 
permanently all-wheel-driven 
transmission is also basically 
Ford Sierra 4x4. Its aggres- 
sively aerodynamic body makes 
a Ferrari look quite sedate. A 
top speed of around ISO mph 
and a price of about £28,000 are 
mentioned. Production begins 
early next year when 100 Solos 
are due to be made, increasing 
to 600 in 1989. 

However, it was the Japanese, 
as always, who had some of the 
most significant cars on display, 
although the show organisers 
make sure they do not steal too 
much of the domestic pro- 
ducers' thunder. The Japanese 
all are crammed into one of the 
lesser of Frankfurt’s 10 exhibi- 


Alumuuum 

The Financial Times Is 
proposing to publish this 
Survey on 

WEDNESDAY OCTOBER 28 
For full details contact’ 
ANTHONY HAYES 
on 021-454 0922 
FINANCIAL TIMES 



On safari through 
Alpine meadows 


long in a mature male. These 
members of the goat family live 
throughout the year at an 
altitude of between 6,000 and 
10,000 ft, possibly descending a 
little further during the snows 
of winter to find food. The popu- 
lations of both these and the 
more delicate chamois have 
Increased tenfold since the 
creation. 


The path led steeply away 
from the road, past a sign set 
in the rock telling us we were 
entering Vanoise National Park. 
Here we followed its gentler 
slope through a rocky’ gorge cut 
by a rushing stream. 


Gradually the tops of the 
mountains appeared around us. 
A glacier peeped over the 
horizon and was slowly revealed 
as we ascended, while far 
below the road had clearly 
lost confidence in the route we 
were following and had swung 
away to hug an adjacent moun- 
tainside. 

Apart from the cry of an 
occasional bird and the chat- 
tering of the meltwater stream 
as it tumbled under dirty grey 
bridges of ice, all was quiet. 
Then, quite abruptly, we 
stepped from a narrow defile 
into a vast emerald Alpine 
meadow. The flowers that pat- 
terned the grass or concealed 
themselves coyly in rocky 
c rerices were mostly small and 
brightly coloured. 

There were the yellow and 
white blooms of mountain avens 
in abundance, together with 
their strange twisted seed 
heads. Moss campion was grow- 
ing so thickly in places that the 
ground was almost completely 
pink with flowers. Among the 
rocks were gossamer-covered 
clumps of cobwebbed house- 
leek, sporting long-stemmed 
pink blooms, and small 
bunches of whorled lousewort. 
Here and there. Grass of 
Parnassus displayed its beauti- 
ful white Sowers, whose petals 
are delicately veined with 
green. 


There were still other sur- 
prises awaiting us as we made 
our way towards the grass. 
Alpine choughs, black mem- 
bers of the crow family with 
red legs and yellow bills, rolled 
and tumbled acrobatically or 
searched the ground for food. 
Crag martins, a stockier sort of 
sand martin, flew back and 
forth on insect-collecting expe- 
ditions before returning to 
their mud nests fastened to the 
rocks. 

And almost at our feet were 
dozens of Alpine marmots. Their 
dens were marked by heaps of 
excavated earth upon which 
these delightful rodents would 
sit upright in order to give 
themselves a higher vantage 
point from which to spy danger. 

They are diurnal animals, 
about the size of a brown hare 
but with shorter legs and ears 
and a long bushy taiL The fre- 
quent passage of brightly-clad 
walkers had made tbem quite 
confiding, and it was easy to get 
good views of them even when 
they had young. 

For lunch we stopped at a 
refuge that overlooked the 
grassy plateau. This was no rude 
mountain hut but a two-storey 
building capable of sleeping 35 
people. Here our younger son, 
on his first visit to France, be- 
came a confirmed francophile. 
His hot chocolate drink arrived 
in a bowl with a large spoon for 
stirring in the sugar. "Gosh,** 
he exclaimed. “ Chocolate soup” 

Our refuge was one of almost 
40 similar properties in the 
National Park, each of which 
varies in size and in the facili- 
ties provided. Some are large, 
sleeping in excess of 100 people; 
others are comparatively tiny. 
Many have a warden for all or 
part of the year who looks after 
the accommodation and attends 
to the catering. From the pre- 
sence of a pack mule grazing 
outside, it was apparent that our 
food had been carried up the 
mountain on its back. 

Encompassing an area of 
53,000 hectares, the Vanoise is 
a big place and there are 
numerous opportunities for 
walking among its many sum- 
mits. While some people prefer 
to stay within the confines of 
the park, walking from one 
refuge to another, others stay on 
the fringes of the Vanoise and 
make sorties into the park on a 



It was in an attempt to photo- 
graph these beautiful mammals 
that I learned three things in 
quick succession about walking 
in the Alps. We had climbed 
to a high plateau and found 
ourselves in a barren landscape 
of grey rock, grey ice and old 
snow through which a stream 
bubbled. The cirque of moun- 
tains Is front formed the border 
with Italy, and on the far side 
was Gran Paradiso. Looking 
through my binoculars, I spotted 
a small group of chamois on a 
snow field and set off towards 
them. 


I rapidly found that the 
mountain air was deceptively 
clear and that they were much 
further away than I bad antici- 
pated. 1 also discovered that, at 
this altitude, I soon lost any 
real desire to go and photo- 
graph chamois, so I turned 
back, making my way down a 
grassy valley. I was completely 
fooled by what turned out to 
be a bog and soon found myself 
sitting in a morass. Wet and 
disgruntled, I returned down 
the mountain to find myself a 
bowl of “ chocolate soup." 


• FuQ Information on the 
Vanoise National Park can 
be obtained from the French 
Government Tourist Office, 
178 Piccadilly, London W1V 
OAL, or by contacting the 
park authorities at Pare 
National de la Vanoise, 135 
rue da DocteurJamand, 
Borte Postale 705, 73007 

Cbambery Cedes, France. 


An ibex: notable for its huge brans 


daily basis. 

For those less dedicated to 
walking, or with young children, 
this is an ideal arrangement as 
there are plenty of facilities in 
the area for tennis, golf, swim- 
ming, sailing, canoeing, hang- 
gliding and riding to mix with 
days in the mountains. 

Since its creation in 1963, the 
Vanoise has had some successes 
as a wildlife refuge. Fourteen 


kilometres of its boundary 
borders the Gran Paradiso 
National Park in Italy, and 
together the two paries form the 
largest reserve in western 
Europe, with mountains rising 
to over 12,500 ft 
Perhaps the two bast-known 
animals to be found there are 
the ibex and the chamois. The 
former is notable for its huge 
horns, which are almost a metre 


Those who have paid a 
subscription to became 
Friends of Hie Park are 
entitled to stay at the refuges 
at a concessionary rate. 
Guided waits into the moun- 
tains are available for periods 
ranging from a day to a week, 
and some of these study 
specific topics such as birds 
or flowers. Trips specialising 
in natural historv are organ- 
ised from the UK to this 
area and are generally adver- 
tised In file wildlife maga- 
zines. 


The Field Studies Council 
(Miss Ros Evans, Flatford 
Mill Field Centre, East Berg- 
holt, Colchester, Essex C07 
SUL) also arranges expedi- 
tions to the Vanoise. 


Michael J. Woods 


FOR 18 years a rotting hull cast 
a disreputable shadow over the 
grand expanse of Pennsylvania 
Avenue, just two blocks from 
the White House. Last year, 
however, the gloom over "the 
Avenue of the Presidents ” 
receded, and from the wreck 
emerged a majestic, renovated 
Willard Hotel to host the great, 
the near-great and would-be- 
great as it has for the last 150 
years. 


Hils week-* the Willard Hotel, Washington 


Fit for a president 


Its guests Included most of the 
presidents, plus performers, 
writers, statesmen and — is 2S69 
— a Japanese delegation of 
princes and nobles who negoti- 
ated the country’s first trade 
treaty with the US. 

The splendid lobby was the 
centre of activity tor Union 
generals, lobbyists and politi- 
cians in the civil war. The 
grandest party ever given in 
the dty before that war was in 
the Willard ballroom (now 
bedecked with a portable dance 
floor) to honour the departing 
British Ambassador, Lord 
Francis Napier, who, it was 
rumoured, had been called home 
haring become "all too atten- 


tive to a certain pretty widow 
in nearby Virginia." 

Since its reopening, the 
Willard has hosted seven heads 
of state, including President 
Sassounguesso of the Congo, 
who brought his own elephant 
meat, and President Mobutu 
Sese Seko of Zaire, who 
ordered up a breakfast of lake 
trout, pork chops and cheese. 

The other special character- 
istic of the Willard is its 
emphasis on service, in a city 
known for possessing a dubious 
combination — the charm of the 
northern US and the efficiency 
of the sluggish South. 

How was my night's stay? It 


can be supposed that the less 
ornate rooms offer some of the 
delights of the six-room Calvin 
Coolidge Suite, where I was 
ensconced with a near- 
swooning teenage daughter, 
who hounded gleefully through 
the marble foyer, the elegant 
living room, the comfortable 
den, two large bedrooms and 
three full-sized bathrooms to 
examine the contents of no less 
than four well-stocked marble- 
topped minibars. 

No service is unattainable. 
One guest who lost his luggage 
ware shoes borrowed from the 
cordezge. Another got her ear- 
rings repaired after a mes- 
senger was dispatched for 



Touch of class 


super glue. Another got a jet 
chartered. 

• Managed by Inter-Continen- 
tal, the Willard Is at 1401 
Pennsylvania Ave NW, Wash- 
ington, DC 20040. Tele 202-628- 
9100. Telex; 897099. Prices 
(rooms) $175 weekdays and 
8125 weekends. Suites: $2,900. 

Nancy Donne 


Stuart Marshall reports from Frankfurt 


Imports steal Show 


tion halls. 

Both Honda and Mazda 
showed cars with four-wheel 
steering. The Honda Prelude’s 
is a mechanical system, the 
Mazda's 626's electronic. Both 
let the rear wheels turn a few 
degrees in the same direction 
as the front wheels when the 
car changes direction at 
medium to high speeds. At low 
speeds — as when parking— the 
rear wheels turn in the opposite 
direction from the fronts. 

I have not yet driven the 


Mazda — a pleasure In store for 
later this month— but if the 
system works as well as the 
Honda's, it will make the car 
safer at speed and nimbler in 
confined spaces. With four- 
wheel steer, the industry is on 
the verge of a breakthrough 
like that of seven years ago 
when Audi brought out the 
permanently four-wheel driven 
quattro. The theory of 4WS is 
quite difficult to grasp; the 
benefits so obvious that 
customers at the medium to 


upper end of the market will, I 
believe, soon be demanding it. 

The Honda Prelude with 4WS 
(and a new four-speed elec- 
tronically controlled automatic 
instead of a manual five-speeder 
if you wish) goes on sale in 
Britain in two weeks at £14,100 
upwards. New, shapelier and 
even more appealing versions 
of the Civic and its sporting 
2 + 2 variant; the CRX, were 
unveiled at Frankfurt, too. 

Covering the Frankfurt Show 
is always demanding because of 


Us vast size. This year, it wa? 
worse than usual. The organ 
isers had opened the second 
press day to the trade. With 
about 15,000 extra people mill 
mg around stands on which one 
was trying to inspect and photo 
graph the exhibits, fatigue 
mixed with frustration. 

Even on the first (and sup- 
posedly restricted) press day, J 
wailed vainly for an hour to get 
into a reserved car park before ; 
giving up and going back to my 1 
hoteL My Mercedes 300CE 
safely dumped, I got to the show 
by shuttle bus to the airport 
train and tram. It took about the 
same time as a £12 taxi and cost 
one-sixth as much. 

Today's cars are marvellous 
machines and get better every 
year — but there has to be a 
moral somewhere. 


I > V~ W.v* 


**' •» 

’ » 

I ' * 




; * i-S**"* 


M i 


;?? 

■,V 0 ■' 




r> 

• ;i K v • • * : 

\ v... 


.• . ; -• _ v - : - . • ,• . k >y-£&> 

v : ’• C- f-3 > > •: I 




The Panther Solo... makes a Ferrari look sedate 


Enchanted forests 




SOUTH OF that great sweep of 
the Loire from Gien* trough 
Orleans and on to BlOiS.hKtee 
Sologne — a vast tract of forest, 
heath/ farm and lakes ,80 • wta 
bv 60: a secret place the ssze of 
a’small English county guarded 
by a solid wall of forest along 
its borders. 

Take any of the three main 
roads that cross it an your hur- 
ried way south and that wall is 
all voc win see, rather than the 
xcesh of paths and minor roads 
which lie beyond the oaks link- 
ing countless lakes and lagoons. 
As a result vou will be mi s sing 
one of the brightest jewels in 
France, unsung in the green 
Mickelin, unchanged for over a 
century, but truly fasc inating 
and at its best in the autumn. 

The Sologne is not about 
chateaux and churches but 
about oak trees and beech 
groves, wild boar and ph ea s ant , 
charcoal burners and foresters 
and mist from the lakes — all 
just a spit from Orlean s and 
less two hours from Paris. 

Walk or cycle all day and. the 
nearest you’ll get to your fellow 
man is the snap of a bra nch 
under foot, or the empty 
cartridge case left from last 
year’s hunting. Your fellows am 
there all right; it's just that the 
forest absorbs them. 

Yet tens of thousands of lan- 
guage students know indirectly, 
of the Sologne through Alain 

Fournier’s novel Le Grand 

Meanlnes, and even more 
through the film of the book, 
shot through gauze to simulate 
the haunting mists which rise 
off the water in winter and 
summer alike. 

The truth shows how good 
that particular piece of fiction 
was. Away from the Sologne 's 
scattered hamlets and small 
towns, the closed and shuttered 
hunting lodges behind pad- 
locked gates are the main evi- 
dence of man’s intrusion into 
this particular wilderness. Per- 
haps this was how England’s 
New Forest was before com- 
muters. housing estates and nil 

refineries. 

In the Sologne yon walk or 
cycle always sure of a warm 
welcome from the many logic 
and aaberges in its villages, a 
good meal and a bed. Cars, are 
not needed, seldom welcome, 
and on the narrower tracks 
often useless. For 10 months in 
the year the Sologne and its 
people look after themselves. 
Only when the first shotgun 
si gnals the start of tiie autumn 
hunting season does the wilder- 
ness stir. 

Then it yields up some of the 
best eating in France, full of 
game and gunshot pellets. 

At Romorantin, the elegant 
ancient town on the Sologne’s 
southern border, which -acts as 
its "capital," the hunting and. 
eating come tea climax in the 
last week of October with a two- 
day blowout of regional cook- 
ing and regional wine, presided 
over by Zes confrMes gour* 
mandes — translated by the 
local tourist office as "the 
greedy fraternities." 

It is a serious and competi- 
tive event covering an the skills 
of the French kitchen. The 
experts create the dishes, yon 
eat them. The forests, fields 
and vineyards provide the raw 
materials. But first you should 
discover the Sologne itself, 
without which all that gour- 
mandislng would be impossible. 

Aim for the railway station 
at Meungsur-Loire, just the 
other side of Orleans, on the 
fast line from Paris Austerlitz 
and just a bridge span away 
from the Sologne. There yon 
can hire bikes from the railway 





It?.*. V.- 






4 1 ; , j T- ' 




company for about £3 a day, 
specially equipped with tough 
tyres to handle the rough 
Sologne tracks. 

You book them in advance and 
can return them to any of a 
dozen local stations, paying at 
the' end, with the sight of your 
credit card serving as a deposit 

Keep your luggage light— just 
a small bag for the back of the 
bike and a light back-pack for 
the informal clothes you may 
need in the evening. Do your 
Micheltn and Gault MilUm home- 
work before setting off. Arm 
yourself with the local Logis de 
France hotel pamphlet detail- 
ing hotel prices, opening dates, 
credit card acceptability and 
phone numbers, finally, invest 

m the French Geographical 
Institute’s map of Sologne. It is 
this IGN map which details all 
the paths .and trades open to 
cyclists and walkers. 

A ward of warning; you are 
not entering the Tour de France, 
and it Is better to aim for 20 
to 30 miles a day at the most. 
And since you can still eat well 
and cheaply at lunchtime, allow 
two to two and a half hours for 
this most .civilised of French 
customs..? 

At day*s end you are : assured 
of. .a*:'.’ welcome,- whatever the 
class of hoteL Here cyclists are 
the-norm rather than the excep- 
tion, evenin Romoran tin’s three- 
star establishments; not only 
that, they will also garage your 
bike for you. 

Dressing for dinner, provided 
you are not still in your shorts, 
is not a formal affair, even in 
the more prestigious establish- 
ments. And you can make that 
welcome even warmer by 
phoning your meal and room 
reservation through in advance. 
Nothing charms a good res- 
taurateur more than that 
overseas call, however bad your 
French. 

The Sologne Is not all 
wilderness and gourmantHstag. 
Napoleon in drained and 
cleared much of the wasteland 
a century ago for poor peasant 
farmers, and so It has remained. 
The people are peasants, 


darkness of the Yuh&ette. Now 


[ enthu- 


it is a private nnse, lovingly 
restored and furoshedby its 
owner, an ccceAfc Channel 
Islander. • ‘ 

His guided- ton Amid enthu- 
siasm please adult and child 
alike — particular!! the child- 
ren, in the mareXgruesame 
parts. 1 . 

• Do not take your oVd hikes. 
Though they can carried 
on French Railways, hey- are 
delivered late and uobdways 
in the conditions InVwhfch 
they started out Travel 
instead as a foot panenger 
using the boat trow and 
hovercraft via Para to 
Meting. This has the mma~ 
tage of good connection! and 
speed on what is still a riven- 
honr journey, though yoq can 
stop In Paris if yon wish 
Further . information ftom 
French Railways, 179 Pftea- 
dffly, London W1V OB A,? or 
from the . French Tootist 
CkBlce at the same 




■tm 


The idea of slipping the 
equivalent of a galosh over 
a tyre to keep a ear going 
in mud or snow is almost as 
old as tiie pneumatic tyre 
itself. Lenin, it is said, lirf a 
Rolls-Royce delivered with 
leather overshoes to protect 
the tyres and give more grip. 
But they cannot have been 
much good because the RODs 
ended up with rear caterpillar 
tracks instead of wheels. 


Reg Ellis, an engineer from 
Forest of Dean, Gloucester- 
shire, has been working for 
several years -to perfect a 
practical traction aid that will 
enable a normal car to cross 
muddy fields and climb 




Lilli 


Polas-grip. 

It is made from rubber 
sheet, covered on the outside 
with what look. Hke studs 
from old fashioned football 
boots, and onthe inside with 
little pimples. that engage in 
the tyre’s tread ptaun. You 
fit a pair of Felargrips by 
driving the car on to them, 
pulling them round the tyre 
and tightening two steel 
cables with a simple ratchet. 
It takes about two minutes 
per wheel and is not difficult 
Getting, them off is as easy 
but, if you have been driving 
acres country, it can be a 
mucky burin ess. 


With Polargrtps fitted, Reg 
Ellis can drive his Citroen 
CX, its suspension hitched up 
to provide 10 Inch ground 
clearance, along muddy and 
deeply rotted farm tracks 
that one would normally leave 
to Land Rovers. They will 
withstood a limited aman^t 


of road use at. moderate 
speeds. Obvious users are the 
police, public utility repair 
crews, am b ulan c es in rural 
areas and any motorist who 
might have to leave hard roads 
hot does not want to invest 
in a four-wheel drive. 


getting horribly 


For a caravanner,. or any- 
one towing a horse trailer 
on t of a field, a set of Polar- 
£™Ps could make all the 
difference between an easy. 


, in small-scale 
in sizes to 

Holly 







fyesters, or takers of game — 
legally for the -bourgeoisie, i 
pAched for the ‘ poor.. -They 1 
haV kept their identity" and j 
indcjdualism and can test out - 
theVbest linguist with- their ! 
gutfral local dialect . - 

Sftnd some time ia their j 
villabs and hamlets and you • 
will \ going back not just 100 i 
but 2h years. These were the ] 
peopleWbo kept out the aristos \ 
from keir wetlands, ignored [ 
the tax-collectors and bewild- : 
ered thi Germans with their \ 
inscrutaolity. ! 

After Using .your buttocks j 
and filing your belly at j 
Romoran tr choose one of a 
myriad of routes back on the 
well-signpoted paths to Meung, 
across the full width of the 
Sologne. \ 

If you nfat visit a Loire 
chateau, Me&g’s is the one. I 
No monumenkto Bour bo n folly 
this, but a gr&mer, older con- • 
s traction when the Bishops of 
Orleans extra oed; confessions 
by water torturi before-leaving • 
their prisoners to die hi file 












.Roger Be&d 


1 1 











Financial Times Saturday September 19 1987 



^•rauH t 


: 2 si 

r . 33 ere?»a 

.i. - 

: ZttjJrf 'sure 


ftaintf* 



i ># 


Knight 

Frank 

TTY il 

L4 & 

Kutley 



t-~»1 ' ft- *s 

W tf- 'Tj ‘ 



m sgc a are s 




Apply: Lawim.TM. 01*629 8171 


Surrey 

GaiUgbrd 10 milea. London 23 miles. Heathrow Airport 20 minutes. 
A distinguished Queen Anne House set in mature 
grounds 

4 reception roomfl, Master bedroom suite, 6/7 further bedrooms, 

3 farther bathroom*, gaa central heating. 
n^rsgp, OuthuddiogB Seated n ^infmi ng poat 5 prm» 
Hard tennis wort. Beautiful formal gardens with lake. Paddocks. 

About 9 J At Acres dwtatao 

Apply: London. m 01-629 8171 or GuMfoni, TfeL (0483) 65171 


• - • j ty. 



-TVS "'SLi ;UTiev.' r . V •■■ -a 

. Renfrewshire 

Johnstone 1 mile. Central Glasgow 12 miles. 

A magnificent estate with fine Georgian House in a 
parkland setting dose to Glasgow 
4 reception rooms. 2 bedroom suites, 3 farther bedrooms. 

■ . ' f*iyd andliigr y ar rnmt | [i n ri«t.i nn- 

Staff flat and 2 lodges. 

Beautiful policies -with woodland walks and ponds. 

53 acres arable land. Trout loch. 

About 132 Acres <cbsswx64> 

For sale privately as a whole or in 4 lots. 

Apply: Edinburgh, ThL 031-225 7105 



’L 

t - ♦- • it < w- ■ ^ TS.-il 






Central Glasgow 

Victoria Circus 

A l uxuri ous penthouse apartment, with 2300 aq.lt roof 
garden, fitted to the highest standards. 

Sitting mom, diniug room/kitcheii. Master bedroom suite, fartfrw 
bedroom and bathroom. 

Magnificent roof garden with superb views of the city. 

Gas central heating. Ample car parking 


Apply: Edinburgh, TO. 031-225 7105 


(WJXS16X) 



Hampshire 

Highcl« ^ Newbury 5 miles. Andover 12 miles. M4 Jet (S3) 8 m i l es. 

The HoSmgton Estate 

A first class residential and sporting estate in a s tormin g ri t a a ti on 
Principal 17th century house, 2 cottages. Farmland, Woodland and Let Farm. . . 

About 715 acres 

■ - - - Onftteatfagrh"*»i"* ■hue* over ab— » 960 new in fatal 

For sale fay private bwiy 

Apply: London, Ttefc 01-628 8171 or Hnng a rfnr d, TbL (0488) 82326 


(AM/18923) 


20 Hanover Square 01-629 8171 London wmoAHTtiex: 265384 


EXECUTIVE LIVING 



- ’ The Richmond is an example of the four bedroom, 

, ’ doable garage, homes in our small range of properties 
V ?;. * avqflatfcat this select development. 

y - ^ Prices for this home are from £185,000. 

at Yewhurst Place, 

Ku off Carlisle Gardens, 

w y f o r d 

- AiYewfmrstPiace. Twyfosd we are defig&ced ro announce 
the avaflabffity of the first phase of our new and exdusiye 
development comprising luxury four bedroom detached properties 
with prices from £1 59.950. 

Bar foH details please contact our representative 
st fee Sales Centre, open seven days a week, 

1 liim- 6pm_Tel:Twyf«d (0734) 340012. * 

AB print «hM arr coma m ftw rf <#*■• *• P"** 

Costain Homes 

Cvetaia Books (Soatfeern) limited Chapd Boose Unwind Unto 

. BwM,. | i. . BAh>n.r UU TO: Morion ( 04284)6989 


SMITH4VOOLLEY 

CHARTERED - SURVEYORS 


Bourne 10 irales Grantham 20 miles 


17TH CENTURY LISTED GRADE 11* COUNTRY HALL 

situated on the edge of the village 

3 panelled reception room^ large kitchen, pantry, scullery, utility, 
cellar, 7 principal bedrooms;, 2 secondary bedrooms, 2 bathrooms, 2 
large attic rooms. 

Outbuildings with 4 offices, cloakrooms and stores. 

Well laid out Gardens and Grounds extending to about 
2j6 ACRES ‘ 

For Sale by Private Treaty 
Details from: 27/23 Bridge Street, Cartridge. 

Telephone: <0223) 352566 



SCOTLAND 

STRATHCLYDE REGION, Me Of Bote 2,023 ACRES 

A RARE OPPORTUNITY TO PURCHASE A VALUABLE FORESTRY 
INVESTMENT 

IN ALL ABOUT 2.023 ACRES 

9ta aww af Mw Una to Ptotoc FiUL Jtppnto 

lieftw 823 am met* pteM (UHD| 

snail Mtaoitoea Modiands. etc. «c- 


Lovely Farmhouse, Cottage (let). Paddock and Roupi Shooting, tn • beautiful wee of 
Scotland. Mpfly renowned for timoer production, 
for Salt aa iWM ar ft Two tots. 


For further details apply. 

7 Wafiwr Street, -Etfinburgh EH3 7JY 
031-225 3271 


WEEKEND FT XI 


PROPERTY 


The wonder of Worthing 


JUST AS Hove tends to be seen 
as the discreet end of Brighton, 
Worthing, a few miles farther 
west along the West Sussex 
coast on the Littiehampton/Bog- 
nor Regis road, has tradi- 
tionally been a cartoonist’s 
favourite as the classic, gently 
faded South Coast retirement 
town where the summer tourist 
season is over in a few 
weekends. The image is of a 
town that is closed Cor much of 
the year, and where one would 
not be surprised to see people 
in bath chairs and ear trumpets 
braving the elements on the 
promenade, or having been 
poshed into a defensive circle 
around the 19th hole of one of 
Worthing's golf clubs. 

The reality is strikingly diffe- 
rent. Worthing is one of the 
smaller market towns that was 
by-passed by the mega con crete 
town centre shop invasions of 
the 1960s and 1970s. bat which 
later, and more architecturally 
sensitive, retail developers 
have learned to love. 

It has the combination of high 
local spending and good passing 
trade needed to justify a mix of 
some of the best shopping facili- 
ties in the region. And anyone 
who thought of Worthing as a 
leftover Victorian resort with 
1830s additions that no one b as 
formally bothered to close, need 
look only at local property 
prices to see that it is, in fact a 
prime beneficiary — o r perhaps 
victim— of the outward spread 
of London prices. 

Becoming a commuter over- 
spill town has had its effect on 
local home buyers. Peter Webb 
of General Accident's White- 
head Fox A Sons in Worthing 
reports: “ The most evident 
change in the past few years has 
been that young couples looking 
for their first home are now 
looking at fiats, rather than 
houses.” 

That is not surprising when 
you see the price of studio flats 
has reached £30,000, and anyone 
looking for half-way decent one- 
bedroom flats has to start their 

FICKFOBD’S vast removals 
vans has* been a familiar sight 
armed Britain for genera- 
tions. But this division of the 
National Freight Corporation 
also moves people worldwide, 
and 1ft has prodaeed basic 
guides for people thinking of 
moving, returning or buying a 
home in three of the top five 
ove rse as removals destinations 
•—Spain, Canada and the USA. 

Get some nuance of the Cus- 
toms procedures wrong, or 
miss out os some part of the 
documentation, ana your borne 
move can end ft the dockside. 


• t* . ,*/ * .** , '.*V/ v V' * **" .* + 

. X * • • * i? X .* •* .*♦*•/* * • j> • 


JW- 




search with around £38,000 to 
spend. 

As Webb explains, one of the 
curiosities of Worthing is the 
number of freehold flats. 
Buyers in the area have tradi- 
tionally preferred freeholds, 
and to meet that demand the 
sub-division of many of the vast 
Victorian honses in and around 
the town has tended to be into 
vertical rather than horizontal 
slices. That has enabled each 
occupant to become a freehold 
owner, but it has also created 
financing problems when cash- 
buying retirement owners have 
died and the freehold flats have 
come on to the open market 

Building societies in England 
and Wales have never been 
unduly keen to lend on anything 
as dependent upon a number of 
other neighbouring owners as a 
freehold flat ** There are cases 
where a bedroom or some other 
room is above another person’s 
freehold, and the building 
societies just haven’t liked that 
Now, however," Webb says, 
“ three or four of the societies 
and the banks are willing to 
make loans. ” 

This increased ease of finance 
has helped to end the discount 
for tenure of freehold flats, 
bringing their prices up to open 
market levels for comparable- 
sized accommodation. So there 


are few of those bargains tor 
cash buyers any more. Even so, 
Worthing property still looks 
comparatively cheap if you are 
moving from London suburbs. 
Forty-five per cent of White- 
head Fox and Sons’ local office 
inquiries this year have been 
from people selling their homes 
in South London for £60,000 or 
so, buying similar properties for 
£45,000 to £50.000 and accepting 
the extra commuting time in 
return for the pleasure of sea 
air and life on the coast 
You can still buy two-bed- 
room houses in Worthing within 
the £45,000 to £50,000 price 
range, and Webb reports that 
the town's crop of 1930s' semi- 
detached houses with three or 
four bedrooms now sell around 
the £85,000 to £95,000 mark. Add 
a pleasant neighbourhood, such 
as Charmendean near the main 
Worthing golf course, and prices 
head into the £110,000 to 
£145,000 bracket 
A good three to four-bedroom 
house sold by Whiteheads last 
year for £115,000 recently 
changed hands for £155,000, and 
as the agents regard that as 
about par for the course. Worth- 
ing prices are evidently begin- 
ning to make up for lost time 
Traditional retirement buyers 
now compete for homes with 
London commuters moving 
south, with buyers who work at 
Gatwick or in the growing num- 


Help for movers 


So, for Spain, Pickferds’ guide 
cover s such key points as the 
need to have year ownership 
deeds or rental contract papers 
with yon, pins a banker's 
guarantee if yon want to take In 
personal goods. This is to 
ensure you are not importing 
furnishings or the like for sale, 
and guarantees covering 52.6 
per cent of the value of 
imported goods have to last for 
two years. 


If you plan to set up home in 
the (Sbri tune, Pickfords’ 
fine combing of US Customs 
regulations reveals that yon 
would start yonr stay on the 
wrong side tf the law If yonr 
move involved trying to bring 
in any absinthe, liquor-filled 
sweets, lottery tickets, danger- 
mi toys or goods made by con- 
victs or forced labour. And yon 
would need a US Treasury 
licence to bring in Cuban 


ber of businesses drawn to the 
airport, and with those who 
commute west from Worthing to 
Portsmouth, Southampton and 
to the businesses that have relo- 
cated along the South Coast. 

At the top of the market there 
are a few major houses on the 
outskirts of Worthing. White- 
heads recently sold a four dou- 
ble-bed roomed bouse with one 
acre of garden at High Salving- 
ton. on the outskirts of Worth- 
ing, for £275,000 — within 24 
hours of it coming on to the 
market. The most expensive 
recent sale was a nine-bedroom 
house set in a few acres of 
grounds that sold for just over 
£450,000. Again, that house was 
sold almost as fast as the “ for 
sale " boards could be put up. 

For anyone who works in Lon- 
don, Worthing is not the easiest 
of places to get to and from. 
Commuters transferring to the 
fast London-to-Brighton line, or 
who drive up to Gatwick to get 
the fast airport rail connection 
into London Victoria, have to 
allow at least an hour and 20 
minutes’ travelling time, assum- 
ing they get the fast trains. 

Still, as Webb says, some 
people like that kind of thing. 
"We had one person who 
worked in London and they 
couldn't get used to a local job. 
They had got into the habit of 
travelling — it becomes a way of 
lire. ” 

dgan, a Cambodian rag or, 
indeed, anything made in 
Libya, Nicaragua, North Korea 
or Vietnam. 

So, absinthe-swigging gamb- 
lers who tote their lethal 
executive toys in hand-sewn 
mail bags have been warned. 

Copies of the “ Move to ” 
leaflets are available from 
Pickfords’ branches or by sen- 
ding a large (around 9 x 12 
in riil first class SAE to the 
marketing department at Pick- 
fords Removals, 492, Great 
Cambridge Road, Enfield, Mid- 
dlesex EN1 3SA- 



Whenever you 
retire.. 







The English Courtyard 
Association 4 


Award winning retirement housing 

Prices from £70.000 - £120,000 V <-*«"- 

Available now. Hildestey Court, East Hsley, Berkshire i » 

:The Vinery, Torquay 

Av*3aHe 1988: Towcester, Northants and South Petherton, Somerset 


8 Holland St. London W8 4LT. 01-9374511 


BUCKINGHAMSHIRE 

B&aconsfleW SJ t mi/ax W25 a infle* London 23 miles 

AN EXCELLENT FIRST FLOOR FLAT IN SHAROELOES HOUSE, 
one of England's finest Grade I Listed Georgian Mansions 

2 Reception Rooms, Kitchen/Breakfast Room, 

3 Bedrooms, Bathroom. 

Garage. 

Set In 15 Acres of beautiful Gardens. 

FOR SALE BY PRIVATE TREATY 


15 Half Moon Street, London W1Y BAT. Tel: 01-499 4785 


ISLE OF MAN 



Overseas Property 




HwtoN 

HOLIDAY HOMES 
FOR SALE 

Full Management 
C.G. Rollover Relief 
Capital Grant 
Brochure 0369 6205 



ii-suv sy i * 5 > iJSJPi 


Ifc;.- 


; jp»* 

meSs 


WILTSHIRE 

One of the most charming 
properties in the 

KENNET VALLEY 


An outstanding 
converted mill with 

VALUABLE 

FISHING 

A beautifully converted 
accommodation. A grand 
beamed reception room, a 
dining roonu a Canadian 
kitchen, 4 luxury double 
bedrooms and 4 bathrooms. 
Beautiful gardens, mol race, 
stream and pond. 

FOR SALE 
PRIVATELY 

fctiAcMHiifa/ offers united) 

GALTTZA and Company 
Tefc 0672 20910 




BRITISH OWNED BEACHFRONT 
APARTMENTS ON THE COSTA DEL SOL 


• Prestigious beach front location half 
way between Fuemjrola andMarbetta. 
Huge pool and landscaped gardens. 

•With ttie secure backing of a major 
British company 

• TVvo double bedrooms. TVwo fun 
bathrooms. Fitted kitchens. 

•Sunny balcony Marbte floors. Log- 
burning fireplace in living room. 

• FuB time concierge for security and 
seclusion. 


• ExceBent mortgage facilities available. 
Prices from around £48500 . 

For FREEcotaurbrodture contact: 
Chestertons Prudential 
116 Kensington High Street London W8 7RW 
■telephone: 01-937 7244. 


A Ihw te ar—inal Dtwte»io> 


CH^TERtons 


DENIA, COSTA BLANCA 

UNIQUE COUNTRY VILLA 
180m 2 on 3233m 2 . Furnished, 4 
Bedrooms, air conditioning, lovely 
position close to new 18 hole golf 
course and facilities. 

Price £73,000 
Telephone (0243) 781912 


DORDOGNE 

Character XVII C Farmhouse with seperate 3 bed house 
and also nearby 2 bed cottage. All fully modernised, 
magnificient swimming pool and patios, garden and 
paddock. 

Good location, and situation with fine views etc. 
£118300 

Telephone (01033) 53 58 42 90 




























London Property 



HAMPs TEJi DNV{'3 


Discover the haiseyai have never$een~ 

A imjik'tmisaliukdproperiy in <? nngkalffurkn setting 

■Husun sfxvijl h me alih-h ha^lwiiniheviiwfjirih St vicars i-.cuan.il in the he* 
pjn „i tump-icai. TV l> «»«.- »■ ■uIJ benefit tn m « mpjibetir alieraiBr R» 
pr. Hide j fun- rentier*!: t> kjII: fitwrJ If 1 at fir ■ ac.'kt M*lil 


Tim -faiBw- Jtv mx ntn* n xnpriM.-- 

h <Jhi.iln»inT'.Shjihp«iin'.Sil'rKt:rii>«!hjl! ■luhte JrJAiPf:n*«n Jmirntniiim.slixJ;:. 
u paarn. kdihcri. hmkSiM nit«n. J •epirjie flat* »nh (httrmii cnrrjrn.’r h 0‘ CnmoKr 


Offer, are Invited in ncra of II - Bullion 


CHESTERTONS 

V Heath Street Hampwwd Village SW } 6 TP Telephone 1 125 


Hampton & Sons 



Superb 3 bedroom period property uith deuebed studio house 
opposite the Heath 

21 Heath Street, Hampstead, London, NW3 1 YB. 01-794 8222 


John Brennan explores an area of residential London where demand always exceeds supply 


Hampstead — the British Montmartre 


- *' v ’’ 

*£ v - 


THERE ARE no bargains in 
Hampstead. As one of London's 
internationally recognised 
residential areas, demand com- 
fortably and consistently 
exceeds the supply of houses 
and flats. Richard Crossthwaite, 
of Knight Frank & Rutley, says: 
"Hampstead’s appeal Is that 
while it has an attractive mix of 
little cottages and major houses, 
it has not become an up-market 
ghetto— so expensive that it 
works against itself as a 
residential area. 

"We find increasingly that 
people don’t want to live in 
areas of London where houses 
are empty half the year, and we 
have had people who were Look- 


ing to buy in Belgravia and parts 
of Knights bridge who have been 
put off because they don’t want 
to live in areas that can look like 
the South of France in the mid- 
dle of winter. Hampstead is 
quite different It’s lived-in, it is 
regarded as a 1 safe ’ area, and 
has an active social life and 
good schools. It’s alive.” 

The special characteristics of 
Hampstead lead a number of 
agents and developers to talk of 
the area as a British Montmar- 
tre. Property rental specialist 
John Birch draws that compari- 
son and reports: “It is a vibrant 
market The major difficulty is 
finding homes to rent because 
people seldom buy for invest- 
ment so you tend to have to rely 
upon homes being vacant while 
families are abroad. The better, 
more luxurious properties are 
snapped up and demand does 
exceed supply.”. 

That is evident in the fact that 
as Birch says: “Hampstead 
rentals are very much in line 
with those in Kensington and 
Chelsea and in the other well- 
established central London 
locations. It has always been 


ticulars, Hampstead's borders 
would appear to be as fluid as a 
turn of the century map of the 
Balkans. It is a particular prob- 
lem westwards; Vicky Marks, of 
Rose Hill Estates, says: “The 
borderline has been creeping 
into Kilburn.” That is a point 
illustrated most graphically by 
a recent set of sale particulars 
from another, non-local, agent 
where a flat over a shop on 
Kilburn High Road was 
described confidently as 
“ Hampstead borders.” 

If that stretches the point a 
dozen streets too far. what about 
the land lying north— over the 
brow of Hampstead Heath and 
into and beyond Kenwood? 
Since only Londoners and 
music-lovers are likely to recog- 
nise that name, this area of 
high-cost homes along the 


it was that the market started to 
be led by rich UK buyers 
because of the stock market rise 
and more money in the eco- 
nomy. And for the more traditio- 
nal buyers Ham pstead has 
always meant NW3, south of the 


“ The Bishops Avenue is very 
much a high-profile area— a 
place where people may feel 
that it’s good to have a London 


home. For a certain type of 
buyer, paying £5m for a home 


‘ >■ Finchley; 
lonpon, ••• 

HfchgatD 
•• Hampstead a* 

. ..-'.Kaburnl •• 

Regains Parti* . 


buyer, paying £5m for a some 
there is just what they want. 
Below the Heath, I would say 
that it’s more the old Hamp- 
stead type of people— low-key 
and drawn more by the village 
atmosphere.” 

Hampstead proper might be 
less overtly a milli onaire’s 
haven than the southern, golf- 
course-packed stretches of 
Hampstead Garden Suburb, but 
it must now also rank as Bri- 
tain's most expensive village. As 
Lassman says: “ It would be dif- 
ficult to find a decent-sized 
family house with garden for 
less than £750,000 these days, 
and many of the larger houses in 
the better-known roads near the 
Heath are approaching £2m. 

The locals tend to know to 
within half a dozen percentage 
points the open market value of 
their properties because Hamp- 
stead has long been one of the 
most actively-traded areas of 
London. “ Hampstead has 
always been a good barometer 
for property in London as a 
whole,” says Richard Cros- 
sthwaite, “ because people 
there seem to have been willing 
and able to make a quick torn 



0 Wn , 

o**rT 


on their property when they 
could — as long as they could 
stay in the area. As people are 
so property-conscious, the 
Hampstead market has tended 
to go quiet before anywhere 
else and to move up before any- 
where else. Right now it is 
reasonably active, with plenty 
of development interest, so you 
always look at the conversion 
and development value of any 
property that comes on to the 
market” 

Ian Godfrey, in charge of 
Hanover Drnce’s residential 
office in Hampstead, adds: “ It 
is obvious that large Victorian 
and Edwardian properties are 
now, in the main, far too big for 
today’s modern family. Instead 
of acquiring a seven-bedroom 
house to accommodate the four 
children plus nanny, now the 
three storey maisonette with 
three-four bedrooms and three 
bathrooms is of adequate size- 
provided of course that there is 
the most necessary feature of 
any Hampstead property, the 
garden.” 

One of the most active of the 


very popular with Americans 
and a large number of the bet- 


Windsor Financial 
Services 


* 100% Mortgages arranged up to £150,000 

* Bridging Loans arranged within 72 hours 

* 90% Remortgages (any purpose) 


* CCJs, arrears, repossession cleared within 5 
davs from 11.25% 


28b Hampstead High Street 
London NW3 IQA - Tel: 0I-43S J MS/2765 


and a large number of the bet- 
ter-paid, more senior Japanese 
business people want to rent 
there. They may be in Finchley 
as middle management; but if 
they become more senior Hamp- 
stead is where they want to be." 

Continental enquiries are 


equally strong and, as with all 
the overseas home-seekers, it is 
Hampstead proper and not any 
of its fringe areas that people 
want “We have a lovely four- 
bedroom, large Edwardian 
house in Hlghgate that’s for rent 
at £400 a week," says Birch. “ If 
you could put it on a wheelbar- 
row and take it into part of 
Hampstead, you would be tal- 
king of £600 to £700 a week for 
the same house.” 

This frontier consciousness Is 
one of the area’s most distinc- 
tive features. If you were to take 
your bearings from agents' par- 


Bishops Avenue, Sheldon Ave- 
nue and other links to the north- 
ern tips of Archway Road and 
the Great North Road do tend to 
be tagged as Hampstead when 
they do, quite clearly, form part 
of the pleasant but notably less 
fashionable-sounding Hamp- 
stead Garden Suburb. 

Anthony Lassman, whose 
West End agency has traded a 
disproportionate number of 
seven-figure houses for years, 
has a clear view of Hampstead’s 
northern Cringe. He says: “ What 
happened to the market is that 
five or seven years ago it was 
mainly Arab buyers, Nigerian 
buyers, and a few other oil-rich 
groups who bought in areas like 
the Bishops Avenue and Win- 

ziington Road. 

“They were drawn to the area 
because it was seen as London's 
equivalent to Bel Air or Beverly 
Hills, but then it changed. It 
wasn’t that they moved out, 
although some did sell. Rather, 



KEATS GROVE. NWS. is a classic five-bedroom 
Gothic-Yictorian Hampstead house with a 76ft by. 
5 Mt garden just sonth of the Heath. AsheombeA 


Itingland (01-794 1151) expects to achieve around 
£825,000 for the freehold. 


professional buyers. Shield 
Group’s managing director 
Ashley Rubin, explains why 
Hampstead has proved to be 
such a successful nursery 
ground for some of the capital's 
major residential development 
groups. “ It is the combination 
of having the availability of big, 
well-built houses that are suit- 
able for quality developments 
of flats, and the fact that the 
market is so consistently good. 
Properties are readily sale- 
able" 


unless yon can achieve good 
resale prices/* Rubin says. 
Rubin estimates that rebuil- 


ding work can cost upwards of 
£60 a sq ft pn an old property 
and £100 a sq ft for new space. 
Add acquisition costs and finan- 
cing charges and that is well up 
to the: level of refurbishment 
costs now common in Chelsea or 
Knights bridge. . 


hardly be commercially viable 
these days. And while there is 
strong pressure to buy into the 
area, demand is far from being 
un selective. As Rubin confirms, 
the range of prices that people 
are willing to pay for conver- 
sions Is surprisingly wide, and it 
does relate directly to the qual- 
ity of the property. 




Prices also are high enough to 
justify the costs of what are, 
effectively, rebuilding jobs 
behind existing facades. “In 
places, we have gone under the 
foundations to create living 
space, and that is fantastically 
expensive. Ton don’t do that 


Reconstruction costs are such 
that developers’ profits lean 
heavily upon their ability to 
design a sufficiently good 
scheme to win permission for 
uddi tintml saleable ; space. 
Given the high price of basic 
properties far conversion, an 
old-fashioned basic division of a 
large house into four or. five 
flats without adding any 
additional living areas would 


“Prices can be as different as 
£150 to £400 a sq ft, according to 
the product,” he says. “And 
although £150 would be untypi- 
cal. you do have to design some- 
thing that is speciaL Even m 
this market, you see people who 
have to struggle to self places 
that are not done to a good stan- 
dard.” 




■•n- . 
y : *. 1 


r f 


• Last Weekend’s article on Tuscany 
was by Cheryl Taylor. 


1 


HOLLAND PARK OFFICE: 01-229 888X 


ST. JOHNS WOOD OFFICE: 01-586 5929 


usrtnor m ocni J b rtMW feMtaue orwm In to ett n Me 
CJOMiCTi mnmsrwt fjtWi. Da*r Rrcw fcr. [*1009 Rra. Urx Frf KIT. 3 ESaOi, L*«*7 
ftn. Da. 5«o Wt M Vt CM. LnWd 12Z yen. CUMM. 

NORTH KENSINOTOM . . 

PTOrt far wmMU OH! Cternronm Bny* IS Door mmeraa offered ■ goad 
custom. Wiart « inr hr an at mu pewter and to m km Sdf reaamM un El 
W. Rton Rn. Sow Dom Plre KWAro. DSC DM. Bsft, us EU DL Lat BRgciagb 
LmM 177 |DH ♦ Aw* of FihMU. M7JM0. 

MONTH K Sm i WO TO H 

DmSnfn Z Bt*n modm mn kwu. Maud » nSodw ffnM ctoR ta ifl 

nme Eitefl/nvor. Don toon a». 0 pm «*" KH. 2 Bta U*. Sm WC, tad B» 
CM. FretfMd CWIJKKL 


HONG KONQ 

ARE YOU MOVING TO 
HONG KONG 

Our office B2 10 New World Tower 
16-18 Queer's Road Central 
Hong Kong 

would be pleased to ass* you with your 
redden&ai requremenB 
PIMM ring (DIO 852) 5-24029 
Fnc (010 D52) 5739113 
or our UK office on 01-586 5929 


SM nm on m*wi Mbw a uat ML tatard rev DM ontan nadMf 
XOXU. W* Jttraedw H»o«n premd ftitora. Lgc Rrerp. I«9t Stut*o Rm. Kit, 
IMNy PK DMq mta. d Bcdi, 2 BMtaUj m MM, Drts itai I DON nt Uemt 
gta. Gn CH. FretMd. Sole Amo. iSTSjOOO. 


SMCCfl**. Mm Is How nmhh hutm wdnenm Min dqM scriad 
vwrety. EAol, DWt Recta 3 N*r Be*, h K0, Bsk. Skmrcr Rhl 6zs CH, Bek. 
LMM 1Z3 yrn. Sait Apstv £205,000. 


M«HW M anon me Hurt mate affBtd in tone. nod. u On tewt of 
HinpSMd. EAM. Reas aa. FH Kh. 3 Btdv Z BMa Gda Ga CH. LMN 7W 
MMcnm 


MwanoMtadr itfittfMd MMasaUI rattan MaMki are of Loadnot 
ms MUM eur ftMMUl mta. E/MO, Bead Ro, fit Kn, 7 Bob, S Bata, 
S wum Pcai, Gdi. Carriage emeww- Frtotad Vital m ngHutlin. Sole 

Aim*. 


A uoerb rrcrtrtJ, refurtMiM 3 bedim 2wj flow R» la proUtfcm anriy hrt HoCL 
EMI, oar Dm* Rn, FoRr FMed KH. 3 BOB. 8*0. Unair R*. Ind Ml CH. 
BNawr. AMD Eatry SyBem. Mta Or IMC. I taMWW 125 yon. £UM« 


MagnaaowdNOJjiHrPNIta— tM OMf ncr eNW eg c iMdtataigpowtd 
i im bo h b ba ttt HMk SL EAbR, Ue Reap Rn. ft KH. 3 Bed*. Z BMMk Ccta, 
uuro aa PIN CM Gat CM. sun « F/H. SMe Agms. enUMB. 


m 


OPEN 7 DAYS & ft OPEN 7 DAYS 


A WEEK 


A WEEK 


55 HEATH STRffl) -HAMPSTEAD, LONDON NW3 ;0)i-7941151 Tdex:299660 


K*ut* Gn»ii<fEleaut iM y 


hse. dose to Hedh. 2 


Haropstvac] Extnmife 30 yr. old Riti.Gdn^aigteGbe.R3rkirig.- 
del. dWe. fronted resid. on 2 firs. F/hold- E485,fXW. 5ofe Agonfe. 



Rocep. Hms. Hugeccurtry (GtJ 
BAfaL Rra. 5/6 Berts. Bed. 6 / 
Study A Scfns. f! en serte). CEcrm. 
C.K Lae. gifcv Gge. F/hcrfd 
£825 JJOO. SoJe Agents. 


Anscombe 

&Ringland 


£825 JOOO. Sole Agents. 
Hampstwod Excedertmcd fcse. 
set bock from exclusive rood 
dose to Hedh wilh^fad cccom. 
on 3 fioon ond west fraang gdn. 4 
beds. 2 Lux. Baths. Lovely Recep- 
Rm. Dining Rm. Ftd. Kn. Integral 


m fashionable rood with elegant 
interior. Grormy/leenoge annexe. 
Mste Bed. Suite. 2 Further Bads. 2 
Lire. Baihs. (1 en smteL Dress Rm. 
Bedsit. &n.4 Both. Marble ant. 
haU. Drow. Rm. Dm. Rm.T.V. Rm. 
dkrm. KitVBrkfsI. Rnv CH. ' 


Swiss Cottope Spedaatbr mod. 
5ytoWhse.mfeeJwonoble 
location offering bright A ' ' ' - 
tpadous cam. featuring 


Hampstead Brand new 
Conner sion. 3 bed. opart, in 
impressive looking building, lux. 
Kit. & Bath. En Suite Snwr. Rm. 
Lge. Recep. CA Immediate 


100ft. gda Mstr. Bed: with En Suite 
Both. 4>5lwrtheraeds. 2nd Both. 
Dtrfe. Recap. Kit Util. ftn. CJkmL 
Games Rm. Gge. Gdn, fbrfcing. 
F/hoid. W25.M0. 


pouession Lse. 78 yrv £225,000. 
Sola Agents. 


Sedudedadn. Sun locnia Gge. 
farting. FThai A £775300. 


Gge PriV gdn. & Comm. gdns. 
Lse SI yrs. £345.000. 

Hampstead Excellent mod. del. 
hse in premier position in 
exclusive avenue. Good cord, 
with secluded landscaped gdn. & 
swimming pod. Mstr. Bed. Sm*e. 


H r*. Si.hrr.-vi r*; rr. 


Hocroft Borders, NW2 Spacious 
hse. on vnde tree-lined avenue. 
Aocom. is on 2 firs, with potential 
to extend. 5 beds. Bath. Lnge. 
Silting Rm. KiiyDin. Rm. Gdn. 
Gge F/hold. £247,000. Sole 
Agents. 


FindRey Rood. NWS Dehghtful 2 
bed. duplex Rot seconds from 


Hampstead Far the connoisseur, 
beautiful 3 bed. grod. Br. flat in 
exclusive location. Lge. Em. Hall. 
Lux. Kit. En Suile Shwt Rm. & Sep. 


«. Lge. Recap Ftd. Kit. En 
Suite Shwr. 2 Balconies. Covered 


Qks. Gge. avail. Long Lse. 
£269,500. Sole Agenti 


parking. Lse. DO yrs. £120,000. 
Sale Agents. 


Oriicft Ihrnu^houi I ontihn 
jnc Snuthoro Emjl.ip.! 


swimming pod. Mstr. Bed. Suite. 
4 further Beds. 3 Baths. Magnrf. 
Recep Rm. Dining Area Ftd. KH 


Recep Rm. Dining Area Fh 
Gkrm. Ksle. Gge. Fi hold. 
£699,950. 


Ht u n ps te od G orden Suburb A 
bnghi & spacious dble fronted 
det. hw. in pestoous iwdentid 
road. Mstr. Bed. Suite. 5 Further 
Beds. 3 Baths. Shwr. Rnr. CHcrm. 
Lnge. Din. Rm. Kit /Brkfst. 


Belli z* Pmk Taste fully designed 
2 bed. 1st floor flat hi superb 
condition throughout. Huge 
Recep Mod. Kit. Dble. Bed. Lux. 
Both. Sep OU. Easy access to all 
amenities. Lse. 120 yrs. ET65.000. 
Sole Agents. 


Hampstead Brand new hre. 
develop ot 7 fabulous 
apartments in prestige location. 
One 1 Bed. Four4Beds.fi 2 
superb penthses. Lux. Kits. & 
Baths. Lge. Balconies & Roof fees. 
G/ging. Finished to exceptional 
standards. Lse. 125 yrs. £145X100 
to £575,000. Must be viewed 
through Sole Agents. 


,'r;> r J'. < V/ : 


For your first choice 
in Hampstead. 



c£s^^Dg<L> <h(&U$Ej 

<BdsizxWuC tfWl 






.... 


Choice of 1 , 2 and 3 Bedroomed 
apartments each having been 
reconstructed behind an original facade, 
luxuriously finished to a high standard 
and set in this popular tree lined avenne 
with an abundance of local shopping and 
transport facilities dose at hand. 






rare opportunity to acquire a 
mag nifi cent property situated in Mayfair 
just off Park Lane. 

A striking period building of immense proportions 
suitable fora variety of uses — substantial private 
residence; headquarters office building; 
izutitutional/club; mixed use; or others subject to 
the necessary consents. 

Gross area 8,930 sq. ft. (804 sq. m.) 

Tenure* Leasehold expiring 25lh March, 2012, at 
a fixed ground rent of £375 per annum. 

Prices £1,650,000, subject to contract. 

For farther information apply to Joint Sole Agents. 


I- ■- 




I L L> 



HANOVER 

HOUSE 

NW8 


Qstyjgis 



GREAT CUMBERLAND PLApE, W1 

A deflghtfuk, interior designed 2 beoraom apartinnt offering spadass actsmnMathn 
and Is dose to all the local amenities 

BHALL DBLE RECEPHOM ROOM: STUDY: KIT/BREAKFAST ROOM: 2 BEOS: 
EN SUITE BATHROOM: SHOWER ROOM: LIFT: C/H: CONSTANT H/W: 

CARETAKER.' EffHONE: PRIVATE OFF STREET PARKINS 
LatMhTIjm £2(0,000 

LUPUS STREET, SW1 

Aaadaui gnxmd floqr Hat In good decorative order, hfealhr situated hr the tacefat 


HAMPSTEAD 

cfrcrlng extremely stylish 
S Ct w — w dedoe ; campienenud 
by a Uuteoc roof terrace wtth 

- umhoOed view*, vast reception 
wfeb gothic ria d w entrance 
hall/suity ana; Smallbone 
lotcMn; master bedroom with 
* msulte bath, s e c w i d bedroom 
wRb ostdte stomr ranx; ga s 
Ul; leasehold 325 years. 


SOLE AGENTS. 


MULBERRY CLOSE NW3 
Sbsated In the heart sf.Hamp- 
stead Village Is iMs interior 
tieslped and decorated Unm 
taw wHdi ofien styKst) and 
lunrious ifrn u rodiUun IdeM 
for the ytmg professional or as a 
utawaw. Fantastic reception 
, ■ Wl taoo onto patio; foltjr litirei 
and equipped kitchen; utlHty 
"WIG titge danfafe bedroom; fit- 
ted bathroom; garage; off street 

parking, osjjw 

SOLE AGENTS. 


Extremely large top ao» 
apartment situated in 
Premier block in the heart 
of St John’s Wood. In 
need of modernisation. 
The flat offers enormous 
Potential: 4 beds, 2 recep. 
1 bath, large kitchen^ 
large pantry area with 
guest WC (ideal as 2nd 
tKtfhroom). All services 
■“* teP security. Long 


simian, uacam and snorts (acuities 
: RECEFTTOHBWM: KITCHEN: BATHROOM: TWO DOUBLE 


ENTRANCE HALL: RECEPTION ROOM: KITCHEN: BATHR00I 
BEDROOMS: CAS C/H: ENTRANCE l>H0NE 
Le aseh old: 118 yean 


office open Satnnhys 



£310,000. 

Td: 01-935 7170 . 
or 01*886 1095. 















f 


unu 




•ii i*r# 







SI1CKLEY&KENT 

REGENTS PARK 01-2672053 


THE WHITFIELDS 
WARREN/WHITFIELD STREET 
WEST END, W1 

WHY COMMUTE? 

WHEN YOU COULD ENJOY LIVING IN CENTRAL LONDON 

AH EXCITING NEWLY BUILT DEVELOPMENT OF TOWN APARTMENTS 
AND FAMILY HOUSES, CONSTRUCTED TO EXACTING STANDARDS 

1, 2, 3, & 4 BEDROOMED FLATS— 2 & 4 8EDR00MED HOUSES FOR SALE 

* CENTRAL POSITION to HOUSES WITH INTEGRAL GARAGES * 

■ *. 10 NK8C GUARANTEE * SOUNDPROOFING * 

, to . APARTMENTS WITH. LIFT to GAS CENTRAL HEATING * 

. . * QUALITY KITCHENS & BATHROOMS * 99 YEAR LEASES to 
* GARDENS * 

. PRICES FROM £90,000^320,000 
SOLE AGENTS— 01-267 2053 




' L:r«Ly»n|3j E 




Houses & Hats throughout 
the Docklands. 


Tel: Wapptag' .Umehouse, 
Isle of Dogs— 

790 9560 

Bermondsey, Rotherhithe, 
Surrey Docks — r.. 

. 2375454 

Beckton, Royal Docks— 

474 1000 



PARKSIDE, KNIGHTSBRIDGE 

Flats awre^fiarocaqjation in tlassopeftEdTOnJian 




n 


ngauwnnoai 

ftrir. Redecorated arid refitted— all have 3 bedrooms, 

3 badaooms, foBy fitted kitchens, large reception rooms, 
separate dining room. 

Tbletnrifinrasbed— no premium. 

12 year teases with3yearient reviews. 


MKLLI-1RSH-& HARDING 

Resulentidf 


43 SL Janes’s Place, LcmdooSWlAlfft 
MQW990866 Telex: 24310 Fax: 0U08 2387 


^snaerne&S/ 
G/e/rae# wz 

>/ major refurbishment of five 
<S / Is'Gt3 de II Listed Buildings off 
Hyde Park. 

These elegant stucco-fronted build- 
ings have been carefully restored and 
renovated to provide 39 apartments. 
Individually carpeted and decorated 
they are offered in a variety of finishes 
incorporating carefully chosen fittings 
of excellent quality and design. 

New 125 Year Leases- 1, 2, 3 or 4 Bedrooms 
Sales Office and Show Flats open 7 days a week 
Prices from £175,000 to £4 15, 000 
A development by 


CWtoaoceStroet London Wl 

Telephone 01-935 1224 


JOCCTSOLEACaxTS 

&Jackson-Stops 
M & Staff 

I 9 Mdncr Sam LmdooSWJ 

14 Tefephon e0b581 5402 




7 BARKSTON GARDENS 

LONDON SW5 



26-28 GROOM PLAGE, BELGRAVIA, LONDON SW1 

A SUPERBLY FINISHED DEVELOPMENT IN A QUIET COBBLED MEWS 


A SPLENDID DUPLEX APARTMENT OF 
3 DOUBLE BEDROOMS, 3 BATHROOMS. 

3 RECEPTION ROOMS PLUS LARGE 
TERRACE AND GARAGING: PRICE £580.000. 

A SECOND FINE DUPLEX OF 2 DOUBLE . 
BEDROOMS, 2 BATHROOMS, 1-2 RECEPTION 
ROOMS PLUS LARGE TERRACE AND 
GARAGING: PRICE £410,000. 

CHARMING COTTAGE OF 2 BEDROOMS, 

2 BATHROOMS. I RECEPTION ROOM PLUS 
INTEGRALGARAGE: PRICE £325,000. 

Prices indizdeBtierhr designer's deoinaions, carpets and auiaas 


Leases 66 years 



GROSVENOR 

ESTATE 

RESTORATIONS 

LIMITED 


Selling Agents 

W.A.ELUS 

174 Brampton BmI SW31HP 

01-5817654 

Ida 23661 WAlE ta0^5»3S3C 




2-4 bedroom apartments in a newly refurbished budding. 
PRICES: From £190.000 to £315^00 
LEASES: Approximately 125 years 

• Video entrance pbonea. Fully fitted kitchens. 

Superb fixtures and fittings. Use of communal gardens. 
Ttrrace, garden or balconies. 

Vicwing this weekend 12 mxm to 5pm. 


6 Arlington Street, St. Jamesb. London. SW1A IRB 
, Ifelex 25341 Pax: 01-4913541 . 

01-493 8222 


THE SOUTH HOUSE 
HYDE PARK W2 





< .ARI.FTON SMITH it CO 


T0VBdtttC.ei £075.080 

An eiaptlaM 1M0 bed river IrontiflSlOtfllt 
tactog aoamwnt dcee is to* Wa ffftfif 
trie aad local stopotog amenftka. Thefla 
odes ear parting nadteteooy. Fofly fitted 
teutont and beh. EXJLHecrpQao Room. 
Lmetnld. — ■ 

PACES WALK, SCI _ SH2 . OW 

AdwuriB tntrtftte betf StOfgWHen»- 
«d base fo ton rapidly hoptwin# toole. 
The how fas been artfvUj wtorttAed 
rid too bathroom and kfahen how bees 
fitted who a Nab standanl Gas CJL 
Freehold. . . ».. . 

st.savurws wiuwf, sa aasjm 
A tori oaejiei mrdmae fa b Hoe 
waters* coBwrshw to porito* Benwto' 
try. Rreodj rehAWwd ari.Mfc filled,- 

H Heel pied ■ Urrt for M OQi BiKKbe. 

Car tarUri- E£ 3 i. LeaMriri- . 


sr.JOWPSWHAg.D AMI 
A uHLUi nlsr three bed itwsott oport- 

coomvJoruDrt^ fcWowrtffld co^ 

mm ttfenrid with Kom know an 
briram. Urri Reerpto Sri Mag. 
■ Two GwsP- Cn CJf. Lera 

FasiCAO WHAKF. E1*.. “WMO 
A ft* two bedrtfl" rheride nat a toe 
id rt Uab t_tatoy oPri- 

. site Oreenwfcft. A.riri ftceptow mtih 


-6aC.fi. Ptodnfi. LmabobL 
-filM PLACE, El EMHMO 

TnstDubetomn leeeed ftm awrtoiei* 
in toe Bean of Wri#*"™*®** Jri. 
for era of coonwrttaitad andtoetonj 

tow. Fbdtoed to ***** «”■**** 

Caw n inal tad rirtew. L e as eh old 


Tel: 01-488 9017 


ON THE GREEN AT 
BROOK GREEN, W6 

Only one mile from 
Kensington High Street 

★ Beautiful interior designed 3/4 
bed, 3 bath town house. 

★ Views over 5 green acres bade 
and front 

to- Impeccable condition 
throughout 

★ 30 ft lounge, stunning kitchen 
and breakfast room. 

to Garden, garage, 2 parking 
* sy wcfS- 

to Top security system. 

freehold only £325,000 for quick 
‘ comptetioa. Private sale. 

- Tel: 01-602 4383 (Home) or 
01-626 1567 Ext 2730 IWork) 
for colour brochure. 


WEST HAMPSTEAD 

Fine Victorian terraced house, 
minutes from ail amenities. Three 
bedrooms (one with en suite 
shower), bathroom, double 
reception, guest toilet, tdtehen- 
dlnfng room, studio to garden. 
Vast ceilartNorkshop. Gas C.H. 

- £187,500 freehold. 
Telephone: 624 3365. 



the 


CHILTERNS 


Eifl i lil i illliilB 



FARRAR I 


HARWOOD _ . 

exclusive newly built studio house which 
features a stunning gafleried bedroom, a 
huge reception room with high ceilings. 
Early viewing recommended. 
Bedroom, studio recep, bathroom with jacuzzl, fitted kitchen, 
sep WC. Of. parking space, close to tube, garden. 
Freehold £175,000 


Ready to move into, immaculate refurbished Victonan house. 
Conveniently positioned for transport. 

3 dbl bedrooms, bathroom, open plan recep, 
kitchen/dintng rm, CH, garden, 
freehold £350,000 

- . View both today 10.30am - 4.30pm. 


01-731 4931 


LOOKING FOR A COUNTRY 
OR LONDON HOUSE? 

We specialise in the 
purchase of Residential 
property on behalf of 
private clients 

Wri^OQN & WILSON 

Telephone: 01-727 1977 01-229 7986 


SELL YOUR HOUSE 


C^ESSHiRE 

GIBSON 



55/65 CHILTERN STREET 

LONDON W1 


M ARYLEBONE VILLAGE 

Last remaining exciting selection of 12 and 3 bedroom apartments and 2 penthouses* designed and finished 
to the highest specification in this exceptional period deieiopment 

Supertty located in UteryteboneViBager in the heart of the Wtest End. dose to Oxford Street, Baker 
Street and with excellent road and rail communications. 

r 4 4ndepe wdeat6as Central Heating ♦ ftj^^teda Ki fq uip ped Krtchensto- L i ft -4 EttedCapefe 
•* . ‘ ♦ Luxury Bathrooms ♦ 125 year Lesses .. 

1 Bedroom Apartments from £115,000 
2 Bedroom Apartments An Sold 3 Bedroom Apartments from £235,000 
Penthouses from £275,000 

Showflat Open 7 Days a Week Mon. Sat 11 am -6 pm Sun. 12 -5pm 
TeL 935 1301 for personal inspection or contact Joint Sole Agents. 

Keith Cardale Groves 

MBnekSM*LsMlwWiVra 

■■jtoiajto 22 Gfosvciior Square, London WIX 9U 

014917050 RSPoi-6296604 


' aVlflFORD V 

HILL STREET, MAYFAIR, LONDON W1 

A m agni fi cent period residence, largely 
unaltered since the 18th century. The 
reception rooms and principal bedroom 
suites are of classic proportions with 
high ceilings, large windows and 
extensive panelling. There is also a 
luxurious self contained penthouse suite 
which has recently been restored and 
modernised to an exceptional standard. 
The entire property comprises large 
entrance hall, 5 reception rooms, 5 
bedrooms and bathrooms, large 
domestic kitchen. Self contained 2 
reception room, 2 bedroom penthouse. 
Staff accommodation of 1 bedroom, 
sitting room and bathroom. Lift. Paved 
garden. 2 mews houses with garages 
(subject to tenancies). 

LEASEHOLD £1.750,000 
Joint Sole Agents: JOHN D. WOOD, 35 Bruton Place, London Wl. Tel: 01-408 0055 

\ 440 KIN6S ROAD, CHELSEA, LONDON SW10. TEL: 01-351 2383. / 


c k 




ytitneTcl No: 


j Pasicoqc: ■ ugynmc w 

^eckci^ FT •Property Pages -01-489 0031 


=-j 


SAVQJLS 


BUCKINGHAM PLACE, SW1 

Ti ne f reehold p rop e r ty in a 
secluded position dose to 
Green Par k, Sr. James’s 
Park and Buckingham 
Pabce. ideal for family use 

H or k » pmen. direemn/ 

2 bathrooms. Shcwer room. 

Separate entrance. Recently 
redecorated throughout. 


OSBORNE HOUSE, SW5 

Mapnfkem Grade II listed 


in TTw Rihrate 
Conservation Area, in 
need ot some updating and 
retaining many original 
features. Drawing room, 
dining room, sirring room. 
Large entrance hall, 

Shnlitkims, 3 bathrooms. 

2 cloakrooms, kicrhenrttt. 
Lnchen/brealdiM room, 
pinny. pla>-room, 
sonctoom. utility room, 
stnrofte vaults, 

150l t “-ide gardm. 
Price upon application. 
FREEHOLD 



01-730 0822 139 Sloane Street, London SW IX 9AY 


























Country Property 



PARKERS 


.3H.LL STREET BERKEUY SQUARE 

01-629 7282 



CHARMVOOD FOREST 
Loughborough 6 miles. Leicester 9 miles. (HST to London, 
Si Pancras). M I (322) 4 k miles. 

Munificent contemporary country house in a sednded rural 
position in the heart of the renowned Charmrood Forest 
3 reception rooms, 4 bedrooms, 3 bathrooms, games roam. 
Full gas centra] healing. Detached 3 bedimmed cotugc, 
garaging, outbuildings. Gardens, grounds and paddocks. 
About 4 J& acres. Region £375,000. 

Joint agents: Connells. Shakespear, Leicester. 

Tel. (0533) 542626. Strutt & Pbricer, Grantham office; 

TcL (0476) 65886 <Ref.4AB3726) 




LANCASHIRE 

Preston 7 miles. Garstang 7 miles. M6/M55 4 miles. 

An outstanding country house set in a peaceful and 
spectacular potion. 

4 reception rooms. 5 bedrooms. Centre! heating. Extensive 
garaging and outbuildings. Magnificent gardens, grounds & 
land. About 27.7 acres. 3 bed roomed farmhouse, substantial 
bam for conversion. Gate house. Productive grazing. 

In all about 44 acres. Auction on 20th October In 5 lots. 
Joint agents: Wilson Peat Brewertcn & Co., Preston. 

TeL (0772) 57527. Strutt & Parker, Harrogate o ffi ce: 

Tel. (0423) 61274. (Ref.l 0AB996) 



WEST SUSSEX 
Gaiwick 8 miles Victoria 30 mi nn r g *- East Griostead 
6 miles. M23 (710) 6 miles. * 

Charming 17th century cottage with later additions in 

se dn de d landscaped gardens. 

3 reception roans, 4 bedrooms, dressing roam, 2 bathrooms. 
Gucst/stalT wing of living roam, bedroom and bathr o o m . 
Garaging. Heated swimming pooL Easily maintained and 
well slocked gardens. Sheltered paddock of about 3 i acres. 
About 4 1 acres. Excess £325^)00. 

JUndro office m 01 -629 7282. (Ref. 1AA 10060) 


BEDFORDSHIRE - KEMPSTON 

Bedford 4 (St Pan eras 46 mranes). Ml 12 mues. 

London 50 miles. _ , . , 

An imposing Jacobean country house io defighnul gardens 
and grounds. 

HaD, 3 reception roams, breakfast room, stady . master state 
of bedroom and bathroom, 5 further bedrooms and 

2 bathrooms. Squash court and satma convex. 2 car 

garaging. Cottage wilh sitting room, kitchen, bedroom and 
bathr oom Substantial range of period and modem bams. 
Paddocks. About S acres. London office: TteL 01-629 7282. 
Sl Albans office: 37 Holywell HOLTeL (G727) 40285. 

(RetlAG96Q5) 



SL'SSEX - EAST CHILTDiTON 

Lewes 4 miles- Haywards Heath (London Bridge &. Victoria 
47 minutes) 5 miles. 

A charming period farmhouse in a qukt convenient portion 
with superb views to the Downs. 

4 reception rooms, 5 bedrooms, 3 further attic rooms, 

2 bathrooms, fully filled farmhouse kitchen/brcakfast room. 
Outbuildings, garden &. paddocks. About 675 acres. 

Excess £375.000. Lewes office: 20] High Street. 

Tel: (0273) 4754 1 1 (Ref. 4 1 87) 


■* T| 

.ii. 

1. [ 1 ■-<£•>* 


r ;f ILL ii ! 





St. Albans 1 1 miles. (London/Si Pancras 18 minutes) 
London 22 miles. M25 4 miles. AIM 2 mQes. 

A bootifbllj proportioned country bouse set in defighffid 


Reception halL 3 reception rooms. 5 bedrooms. 2 bathrooms. 
5 secondary bedrooms. Oil-fired central healing. Double 
garage and extensive outbuildings. Tennis lawn. Delightful 
gardens and grounds. Abort 3 acres. Offers invited. 

SL Albans office: 37 Holywell HH1. TcL (0727) 40285. 

(Ref.l6AA0017) 


Dorking 2| miles. (VTaotia/Londoa Bridge 33 minutes) 
M25 5 miki. London 27 miles. 

An attractive former c tadmure and cottage to a prime 
location with delightful secluded gardens bounded by a 
stream. 

Reception haD, 3 reception rooms, Idtohen/breakfasl room, 
5 bedrooms, 2 bathrooms. 2 bedroooted cottage. Heated 
swimming pool Log cabin wjtii sauna, ganging for 3 cats. 


Landscaped gardens. About l|x 
London office: TtL 01-629 7282. 


.Excess £425,000- 
(Ret 1AG9754) 


Edinburgh 26 miles. Stirling 25 nibs. Glasgow 42 miles. 

A most deQgbtfU souto tock% period house set iu beaotffU 
gardens and grounds. 

4 reception rooms, master be dro om with bathroom en-smte. 

5 additional bedrooms. 2 ba thr ooms. Shower room. Oil-fired 
central be at in g. Double garage. Greenhouses (2). Summer- 
house. Well maintained and sednded waQed gardea. 

About &1 acres. 

Edinburgh office: TcL 031 -226 2506 (Re£3BB3669) 


CORNWALL 216 ACRES 

Penzance 

Listed manor house with 2 further farmhouses and 
extensive traditional and modern buildings, outstanding 
views to Mounts Bay and St Michaels Mount. 
Pktnningpennisskm for bam conversions to form 15 unirs. 
Planning approval for development of the property as a Go If 
Course ana Country QuK 
For sale in. tip m 3 lots. . 

Joint Agenrs: 

James St Yates, Peruance. TeU 10736} 61445 

Savilfe, Wirabome. Tel: (0202) 687331 


ESSEX — Chelmsford 

Remarkable, prestigious country mansion standing in a 
dehgfatful Reptou parkland setting. 

i The subject trf ex cental resroration hut still requiring 

complete internal restoration and conversion. 

S uita ble for a wide variety of residential or commercial uses, 
including offices, hotel, conference etc. 

Also available, coach-house suitable for conversion. 
Approximately 15,700 sq.ft, and a further 6,600 sq.ft, of 
basement- 
Offers invited. 

Savins, ChelmsfonL Tel: (0245) 26931 



01-499 8644 London WIX 0HQ 



Staffordshire 

An exceptional Agricultural Investment Including 
A derelict Mansion in attractive Parkland setting 
11 Let Farms. 13 Cottages 
ISO Acres Woodland. Excellent Pheasant Shoot 
Rental Income: £101,156 pa 
2004 Acres 
For Sale as a Whole 
Mayfair Office - Tel: 01-499 4155 


Haywards Heath, West Sussex 

London (Victoria/London Bridge ) 47 minutes 
A spacious and well appointed Family House with mature secluded 
Gardens close to excellent commuter facilities 
HalL 2 Cloakrooms, 3 Reception Rooms, Kitchen. Breakfast/PlajTOom, Utility Room, 7 Bedrooms, 
3 Bathrooms, Nursery’, Wine Cellar/Games Room, Gas Central Heating. Double Garage and 
Workshop. All weather Tennis Court 
Gardens - In all about 1 Acre 
Haywards Heath Office - Tel: (0444) 441166 


Great Haseley, Oxfordshire 

Oxford 10 miles (BR Paddington 40 minutes) - M40 2 miles 
A charming and substantial period Cottage, formerly the village school, 
with beautiful Gardens, open this year under the National Garden Scheme 
Entrance Hall, Dining Room, Drawing Room, Sitting Room, Kitchen, Utility (Zoom, Cloakroom, 5 
Bedrooms, Bathroom. Garaging for three vehicles. Ofl-Ored Central Heating 
In all about 1 Acre - Freehold 
Guide Price: £265,000 
Oxford Office - Tel: (0865) 246611 


127 Mount Street, Mayfair, London W1Y 5HA, Telephone 01 -499 4155 
Abo Mi Lmfan — Womunscr. Kcmtnprm. Chcfcca ArunU. Rjth. Cbnuriw. 

rlvr^n, CMot J, Wrih, Batman, Dub*. Khvok. Staph. 


CENTRAL WALES 
ON THE CAMBRIAN 
COASTLINE 

In magnificent loc atio n mOt 
aBans h e 3upero views across C w diffn Bay 
Llwyngwrtl 

SUPERBLY SITUATED 
Freehold Detached ’ 
EXCELLENT RESIDENCE ~ 

3 ReceothKi Rooms. S Bedrooms 
Kitchen, Cellarage. Bathroom 
landscaped Grounds 
Two-thirds of an Acre 

0 

Also Newby 

*167 ACRE * 
Execellent Freehold 
STOCK FARM 

with traditional house and tMMings 

And off-lying enclosure 

MOUNTAIN GRAZING 
LAND 

*24 ACRES* 


for *tfa hr JRMBaa. 

Illustrated brochures from 
FMai Marti (R. 0L Jcoaa) Lid. Uj* NM- 
rto, Dotaelaa, Owyuaad (0341) 422334 or 
CWa R. PMMpa Ltd. 

44a High Strait, llaala y h i Art— , Watt 
NMmd> 

Tot (08642) 4331, 2166 or 46S2 



A recently modernised and renovated 
picteesque rid lfati Cettvy country property, 

occupying an outstanding position nfloinlng the 
New Forest aod overlooking the countryside. 4 
reception rooms, 4 behooms, 2 bathrooms, 
range of outbuB«iB(R had tends cowl, appro*. 
34 acres nf e e d u ded garden and nldnnht. 

£350,000 FREEHOLD 

The Hoase sa the taay, Lymington, 
Hampshire S641 MY - Tel: (0590) 75625 



01-4930676 


ESSEX - Overlooking the River Stour 

NUmnlastree 4 mile* (Liverpool Street 70 mins). Colchester 12 miles. 

JACQUES HALL ESTATE 

WITH A WELL KNOWN COUNTRY HOUSE AS A WHOLE OR 
IN 2 LOTS FOR CONVERSION TO PROVIDE 
Jacques Hall with HalL 2 Reception Rooms, Kitchen/ Breakfast Room. 6 Bedrooms, 
Bathroom. Cardens. Paddock. About 65 Acres. 

Jacques House with 3 Reception Rooms. Kitchen/ Breakfast Room. 5 Bedrooms. 

3 Bathrooms. Carden. Walled Kitchen Garden About 1 Acre. 

An Attract ire Tithe Barn and range of adjoining outbuildings with potential for 
cunversion. Garden. About 1 Acre. 

The Lodge with 3 Reception Rooms. Kitchen. 2 Bedrooms, Bathroom. 

About 1.75 Acres. 

Jacques Cottage wilh 2 Reception Rooms. Kitchen. 2 Bedrooms. Bathroom. 
About 2.5 Acres. 

Small area of arable suitable for Paddock. About L5 Acres. 

IN ALL ABOUT 16 ACRES. 

Fur Sale by Auction as a whole or in 6 lots on 14th October, 1987 
(unless sold privately). 

Apply: EVERTON LIMITED 


GOOD QUALITY FARMLAND 
IS NOW A WORTHWHILE INVESTMENT 

Away bom the South, land prices are low and a good commercial arable farm of 400 
acres plus In, say, the Scottish border country, can offer you a return today of 
terween 8% and 12% on total capital after trouble free management by Britain's 
major Form Management Company. 

Furthermore it offers: 

1 The vacant possession value always available with long term growth potential. 

2 A country home and cottages to do with as you please. 

!j. Sporting and Conservation ac Unties. 

4 The tax advantages of farming. 

5 SU**o Inheritance Tax Relief for your dependants. 

If you are interested contact: 

EGEBTON LIMITED 
30 Berkeley Square, London W1X 5HA 
Telephone: 01-493 0676 (Ref DRM) 


Bell-Ingram 


SCOTTISH BORDERS SELKIRK 

about 4% acres 

ELEGANT VICTORIAN FAMILY HOUSE 
In the heart of Bucdeuch Hunt 

Carefully restored and 
maintained 

Delightful position with amanshw 

Han, 2 Reception Reams. Study. 
Kitchen, etc. 

Laundry. Master Bedroom wtth on 
suite Dressing Room 
G further Bedrooms. Office/ 
Bedroom. Bathroom. 2 Shower 
Rooms Gas Central Hosting 
Garaging. Storage Bu Usings 
Good PaooocKS and StabUng 
Offers onr £135.000 
Edinburgh 34 miles Mebwe 7 miles 


7, Walker Street, Edinburgh 


I fi e 1 



Humberts Residential 


North York Moors National Park 





(^Andrew Qrant 



•" ;*• .*.*■ Yy- 

\; i*. V , . ; 

% % ' Tv •• . -Ta 




A IStii Century Grade n Manor House and six ftjfy eqrippad 
stooehofiday cottages twttii swimming pool and other leisure arnenffies. 
Principal house with 4 recaption rooms. 7 bedrooms, private waited garden 
and paddock. 

6 Hofiday Cottages with accomodation for 34 persons, together with 
svammmg pool, games room, tennis court and jsoizzi. 

P lannin g Permi ssi on tar three holiday units and potential toe Hotel/Reslaurant 
CQfTvers«n of house (subject to planning). 

In all about 4.75 acres. 

For Sate Freehold as a going concern to mdude F. F. & E. 

Details: Leisure DMsfon Yorkshire Office: Tet (0904 B9) 767 


Rorlrchreo Upper Bucktebury % nvla, Newbury 5 mfles 
»VOI III C Rearing 11 miles. tM (Junction 12) 9 mdes 


■Ml II « II I ■ 


Egl 



... 


A charming country home wkh anormotis potential set to the south of the 
pro te cted Buck teb u r y Corranon. 

Entrance haD. cloakroom, 3 reception rooms, study, kitchen. 4 bedrooms, 
bathroom. Garaging tor 3 v etudes. Fuel Store and potting shed. 

Charming gardens and paddock, in an about 1 .1 acres. 

Sole Agents: Humberts London Office Tet 01-629 6700 


London Office: . Humberts. Chartered Surveyors 

01 6296700 25 Grosvenor Street, London W1X9FE 


Jackson-Stops 

Njuonal Atfcrm G CigO* 
nponal knowtedge \3L k/IU-LL 



Fertile 

FORESTRY LAND 

60 acres 30 miles Edinburgh 

£150,000 

David Goss & Associates, Forestry Consultants, 

P.O.Box 25, Broomrigo House, Holywood, Dumfries. 
Tel: (0387) 720 184 



for Conversion 


existing 3 bedroom cottage, and with Plaantog 


♦ 1 l t * •* r '-T' 


For Sale by Tender. 25th September 1987. 
Apphn 10 Soothcratay West, Exeter EX1 1JG- 
Telephone.' (0392) 214222. 




OVERLOOKING LYME BAY 
. . LYME REGIS, DORSET * 

Exceptional coadal Lstaie , , 

residence with separate Guest Winf and B QverTa«« 

Auction as a whole or in 3 lob 30th OctobeFlSsf- 
_ (unless snlHt 


















Financial.' Times Saturday September 19 1987 


London Property 



The good life in St John's Wood. ^ 


Capital Retirement Homes... 


. Thi* superb development of 30 o« tod rwo 
bad r ooni flats located In the heart of St John* 
yfcc^wftfaioiwWi^ fl ttaBcenrioribolcIttt 
ground and Regents fet*. Providing n Ideal. 
lasefef retired people a*rr 55 ywsrt: age 
wta&lhgto Itws doie ta central London. 

■ Superb locatloii, with excellent 
. transport bcfUdes 

• Resident manner and 24 boor 
- security cafl system . 

• landscaped gardens andreof terrace 

• Pullycaipeted and wldisacennu; beating 

• ArcbneaaraOy designed and ffidsbed 
. to a very high standard 

• Some spUt level flats available 

Prices from £85,500 -£99,500 



PRLD0JTTAL’}?/ 


2d CUfltmfoad (Add* Vide Little Venice W9 I SXTdO 1-2*6 4632 


UNMODERNISED PROPERTY 

SPECUUIE £16S0 ON YOUR NEXT DEAL 


Tto PROPEHTY SPECUUQDR, written front Bn Y>- 
sfcte’, Is a 44 page book packed wttti •con fk ten tiar 
Hoonation the property professional would prefer 
lo Keep spent Get Defend he scenes of the Estate 
Agency world and teem bow to find that immoder- 
nlsad property you woufd never be offered. First 


tone buyer or flManake - leap up Ihe property lad- 
der m step ahead of the matet Buying. seBng, 
rfeafing In and converting unmodanfls e d bouses, 
flats, cottages, plots and mansions. Spot angles, 
dneb deals, sett test, raise townee bom rafting. 


Maxtotise your proto. Send a cheque/postal order tor £1650 flptus £150 pp) to: 
THE PR0PBnYSPHajLfln»im,9ffl Kensington Hfeh Street tendon W85PF 




k <1 hmmz A 



A stunning selection of seven 2 and 3 bedroom apartments 
/ \ iwi ^tom dy carved from this magnificent Grade H listed 
buildiogb&c retaining die outstanding period charm a n d c h a r a c ter 
of the property 

The development is far t he r **A*anr*A by die e x a c ting finish and the 
incorporation of RocrfTenares and Raktmies to a number of flats. 


nj 

mt 




Shew fiat open this Saturday & Sunday 11-4 pain- 


(SI 15-^ 

• • ' : : - ' ' ‘ ‘ .W' 




UNIQUE OPPORTUNITY 
TWO PENTHOUSES 
GUN PLACE, WAPPING LANE, 
LONDON El. 

FOR SALE 

Iwo magnificent duplex apartments with * 
total grass floor area af 5,439 so. ft. 
in a -prestigious development are being offered together 


in a prestigious deoelopment are being offend together 
in one of the fmesiDoddand locations 
both hoping superb p an orwtu c views aocr the 
River Thames and the City of London.- 
New 125 years Lease 

PRICE: £ 950,000 Subject to Contract 

(might/eB sepmtriy) 

FOR FULL DETAILS APPIX SOLE AGENTS 


). 


29 Thurloc Streep London SW72LQ 
Telephone: 01-584 €162 Telefax: 01-581 1134 


Keith Cardale 
Groves 

Chartered S u r v e yo rs 

ai-s8ioi3s woTSte M* 6 m» 




W ■ f_ „ a aHhm 

AMoomjr MK pOBOpR 
No. 8. Mwce ra Place 
(next to U nwmhw g Santoro) 

Beautiful , interior designed. 
Town House. Only 1 mile from 
Ken. High St 3/4 beds, 3 
extravagant bathrooms, 30 ft 
Inge, huge lux. kit Prlestlne 
condition. Large south lacing 
petio garden, garage, top 
security system, private road. 
F/hblrf only £315,000,. no 
offers! 

•- Open viewing 
Saturday & Sunday 
3.00 pmS.QO pm or 

01402 4383 (h> 
01-626 1567 x 2730 (w) 
for Btocfewt - 




3ri0Rai 19th Century artier* 
tueUo home to qufet. tr — Bn a d 
— ctoflion. 

Steeping geilery, second 
bedroom, kitchen, bathroom. 
Separate working studio \ 
(770 sq feet). 

CH. Gaiden..GamBB. 

£380,000 141. 

Teh 01-722 8174 . 


Th* final phase cf 
lib matadaJag haaay 
d tnJepm an k new 
arai/uNe. 

A IbolteJ tt/adoa af 


square gardens. 
New IZSjear leases 
Prices from 

124O.0O0L43S.000 
Show JUrt open dady. ' 
(except Mondap). 
from 2-6 pun. 
fog daaik from 


Hit phot* Ot-722 7744 . 


MAYFAIR 

Bread »ew int. da. Bat fcr ade. Own St 
e m m et; ckae to tube, tfegc reetp. m. 
a dfe bed. Hub, E£ kWMt. hg> 
cdlingi. Let at present' £i7Sjnr. 
il 50,000 v*c. po«- 995. "yn. be. 
WbsxhJW 0S36-23888L Dty 01-4B6 
8007. 


%3s?£ , &b&8‘<8i8i *-■-» 


Rentals 


TO XET 

feiuilM teattltRltfaM niralfift i iferi i»&TO 
has just km iwfcMo far kttfaeg agein 

WrPffa, it ifi on the American schools bus route from Co bh a ni .vgy near 
ihc M25 winch orbhs London and is within walking distance of a lame, 
new Saiasboiy sapanwxteL ft k alto vritfrincasy wfikbig dirtan« etthe 
station to Loraion. Them are 5 Ug bedrooms, 4 btobroons, en mate 

saona room awjothfffadfities. Four reccpttofliTXxrB arc also large and 

rty prrage takes 3 'or 4 cars. It has Just been redecorated throughout snd 
fflrdemngg included mtbcf cra of £2^ per monUL A company let 
is teqalrcd 

Tefejtoe— toe owner 0962 56572 


NORTHAMPTONSHIRE 
FARMHOUSE TO LET 

UnfurolsfKd- modernised, ea^ reach Cabs, Kettering, Stamfwd and 
mainline station. 3 beds, 2 baths, Loaqga, Ktahen/breakfast room. OF CH. 
. To let on 2 year start-bold agreement 

Berry Nationwide 

Tefc (0536) 420N0 -.Ref; CAPO 


Country Property 


STRUTT 8X 
PARKERS 


EAST OF ENGLAND 

An Attractive Portfolio of investment Farms 
For Sale at Realistic Reserve and of 
Interest to the Private Investor 
Qrlngley, HoMng hemeM ia 319 acres £17,000 psr an 

Mumby, Lincolnshire 533 aw— £30^00 per an 

Blgby, South Hueab— ritt a 296 acres £14^50 par an 

Barton, South Humberside 523 acres £27,500 per an 

Total 1675 act— produefog £88^50 par annum 
All fuHy equipped let on FRI tenancies 
to show a yiekl in excess of 7%% 

FOR SALE BY PRIVATE TREATY 
— a whole or Individually 

Cheimstord Office. Covd He* - Tefc 0245 258201 - Ret C3LLSDH 
GrwVham Office. 12 London Road - Tel: 0478 6S886 - Rat RLV 



BIDWELLS 


chartered 

surveyors 


SUFFOLK 1033 Acres 

HaksworUi 2V6 MSea Norwich 22 Mfla 

ONE OF SUFFOLK’S FINEST FARMING ESTATES 

Su bstantial house with 7 bedrooms and staff 
acco romo d atiop S Cottages, excellent 
Fa r mb clkBng with .Grain Storage for 300 Tonnes 
FOR SALE WITH VACANT POSSESSION 
AS A WHOLE OR IN LOTS 

CAMBS/HERTS BORDER 660 ACRES 

Safiroo Walden 9 Mdes Rpyslon4Miles 

Audk> End Sudan 6 Miks (Uvapool Sued 47 na mnes) 

A MOST ATTRACTIVE RESIDENTIAL 
AND AGRICULTURAL ESTATE 

Period farmhouse with S Bedrooms, 2 Cottages, 
modem Fannbuildings, undulating arable "land, 
w oodland and -conservation grassland 
' FOR SALE WITH VACANT POSSESSION 
AS A WHOLE OR IN UP TO 5 LOTS 


Trumpington Road. Cambridge CB2 2LD Tel: (0223) 841841 



a ntfe* Think md MortfcaUntorv 209 mttas 
OaHtngnn; 28 mHes York) 
•AtkflgbtM pnp*rtraM—WB426aa«s.S 
nctcl^ roans. 9M bcAoaaa. M laace baas. 
I ta md raff p a bmrts Um> Lh«ni 


£5 m*sV*st;23Bt9B YerK 30 aStrs leesskk) 
A maiNQf jUi Cournry Hotae staaod toout- 
aandtog wmbytUe. Noose ocB Mtad » 
family Nome or for t oaa wM lapna. 3 


Hoi for 20 Hones. 



Monkrnri Estate Offit-e. ('roll. Oarliu^i oil. 
Co. Durham DL 2 2 S.I 

Ivl. (.0:12-",', 72(»!*7(> 

T ">st,.">7 AW SI I (i. 



LLANDAFF CARDIFF 

Hn 1, 2 ri ) W fidis w4h suonb mews 
S mmv cny coin 
Prices from PI1.450 

TofopboM MQ9 and MB Honoo 
tar m os (0222) SS8SS7 or dw 


Overseas Property 


CHESTERTONS 

- PRIDENTIAL- ^ 


INVESTMENT OPPORTUNITY 
APARTMENT COMPLEX 
FOR SA1E, COSTA DEL SOL 

E xcellent situation in attractive residential 
area of Fuengirola, Costa d el Sol. Com p lex 
of three blocks, pool and landscaped gardens 
overlooking the sea, 85 units, 1-3 beds each, fully 
finished with completely equipped kitchens and 
bathrooms. Excellent financing package available 
from British owner. Price by negotiation. 

Rill details from Chestertons Prudential 
116 Kensington High Street, London W8 7RW 
Tel: 01-937 7244 Fax:01-9373606 


JOIN THE AUSTRALIAN BONANZA 

Three superb farming properties ripe for immediate development 
on the outskirts of Wagga Wagga, New South Wales 

In all totalling 4.737 acres (1917 ha) 

FOr Sato by Auction In Wagga Wagga 
on Thursday 8th October 

5ab flnsctaB and irtftor partfcU&ra Own tfw UK Agontsr 
llowfoo n ft flfhO rt ofllPW Ltd. B un forwy IM, HomMO. MUi G*1 IM 
IVhgaaeaBKCSfci— jorlroaftio AtTOHnOonlo; Howl Pwbwpwtert Ply Uff) 
123 Pier £■■«. Wqb» Tbm ISW - Tot DIO B1 60 212113 


LANZAR0TE 
1-2 Bedroom Apartments 
- & Penthouses 

.hn prasKebMO BdtbiMMmod beachskto 
.dwefcpnari, lotting heomo 10%. Mon- 
gaoea avaitote. kapaoton flgMs arranged. 
' from E29A00 

. Also art about Iha Lion's Shared 
r 3 Monas cthowmaNp each your tar Ba. 
- Derate 

.weamoRBJuo uon Lm 

. (0243) 779730 




B uq ne Don Joto—o homy compkx 
superbly and UstrfuDy da tjgn od for 
holld»ya or seni-rctirement. 
Landscaped gardens, pools, fitness 
centre, restaurants. Studios, one and 
two bedroom apartments. Phase 2 
ready. 

Mow flram £384»0 

LONDON HOUSE 
2640 Kensington High St, W8 4PF. 

01-938 2222. 


CANNES, FRANCE 

Sumptuous occasional lodging. 
145 M*. Magnificent decoration. 
Superb view of the sea. 

Exclusively Lamy. 

U Nd. Alexandre III 
06 400 Caaaes. 

7|L 93 <3 85 85. 


COSTA KHA — UmpoBt AMng iRages. Salae-, 


OVERSEAS PROPERTY 


O.PJB. LTD 

Offer new, resale properties In 
EUROPE— CAN ARIES— 
CARIBBEAN 
Investment and Exclusive 
Properties 
are our speciality 

Contact: 

0P8 LIP 

RctposL Pm Bucks HP10 SBR 
Tel: <M94) 8U056 or 10490 J5452 




Lake Geneva 
& Mountain -resorts 

Mm «i« a umtmeht or ourn to: uts- 
wt m w wwn» . raw, hu 4 
■man canu»ro. asnaa. us auu- 
■rt imm. JWL AmhI Com U W Mm 
wrtttFUMgmt i ii iwu fnu 
fOUan 

REVACSJV. 

S3, ante MsaibiSiot CR-IZOZBwn 
M. 4IT2TMU « * MB SeOD 


Aft fat ndoslw Cabo RoBg 
Aficante, Spain - 

Seafim 2 bsrtnam mataonaoa wflh 
too* terrace and porch adjacent to tho 
MadUanenaan owartooMng beach and 
marina BeauWulyJunUshed. Qwim mino 
Pool and Gaidena Near Qotf Chib • 
Tbt 0438 722357 Ewnhiga - STOJOQO 


DEAL, Kent 

Cliff Top position 
wKh unrestricted 
■ - sea views 
and adjoining 
Wn g s do wn Golf Course 
Dnar S aAn, CtaMy H ades 

.London 60 nBcs 

Freehold modern 
DETACHED HOUSE 
' wRUn As Acre Crowds 
Hester Bedroom with ensntte 
b at hroom & dressing room, 3 
further bedro om s, 4 reception 
rooms, kitchen, utility room, 
another bathroom & cloak room. 
For further details apply 
Ref: WJG/JHP 



n£ar wooubbiimhS 

Wind plununf null piTtrVIrr irr rf-*T 
abootiag mafiaUe in Nmandwr aad 
Deeeober 
Lunch poridod 

At heat SO birds @ S1&00 pe Uid 
ptafl VAT. 

Jnankh Officer 
11 Unseen Street, IP1 1HH 
Tefc (MTS) 214841 


raWce-GM D*Arnr. Nett riOe tan 


SELLS FABULOUS HOUSE 
IN RAMPART VILLAGE 

15 mlimtes Malaga Airport Perfect 
restaarantfdub including port and too 
fiats. Freehold £290400. 
010-3452 448111. 


galloway 

CAVENS HOUSE KDKBEAN 

Spadoaa nodm boom nph poBcks of 10 
bo In open T"** ewnUjnide kb sen. 
Steady ad^aed to private bold me ta* 
tastSf ao nw aa d to pdnts bnssdaam 
Haarr intrinir Pirmft 1 — T* 

miles A74 » mfla 

ForM deatoroms 


81 High Start 
Po ftiMtnr Kiitaudbnsbttott 
(0556 610214) 



ON SATURDAY 26th SEPTEMBER 
the RESIDENTIAL PROPERTY Pages 
of the Weekend FT 
will focus on 

PROPERTY IN 
ST JOHN’S WOOD 


To advertise please 
contact: 

RUTH WOOLLEY 
01-248 




SIX MORE PAGES OF 
PROPERTY ADVERTISING APPEARS 
IN THE WEEKEND FT 
PROPERTY PLUS 



































XVI WEEKEND FT 


Financial Times Saturday SeptemberlgJ387 


DIVERS I Q N S » 




THE NEXT five weekends are 
the busy season for bulb* 
planters. Netioads of narcissi 
and cartons of chionodoxas turn 
up in parcels, rather heavier 
than you expected when you 
ordered them in a burst of en- 
thusiasm. What do you do if 
you begin by feeling that you 
cannot cope with them all at 
once? . 

Cunning planters stagger the 
job before it staggere them. 
Daffodils and narcissi should go 
into the ground at once, as they 
like to root early. So should 
the chionodoxas, because they 
will become squashy and rotten 
if you leave them too long in 
paper bags. . 

Anemones can wait, and 
crocuses are not too urgent 
Even if they are showing some 
cream-white top growth, they 
will root perfectly well if care- 
fully planted without any air 
pocket beneath their roots. 
Tulips can certainly wait, at 
least until late October. 

This year, my own Quite 
planting will be minimal, as it 
will get in the way of my new 
garden. Borders never work 
out right at the first attempt 
Until the plants have settled 
in, I am sure to turn the beds 
round and round, like a dog 
with a blanket On the way 
through, I would poke the fork 
through sleeping fritillaries or 
slice off the tops of emergent 
daffodils. I am taking a sab- 
batical from scillas and I find 
myself looking critically at the 
results of the past 20 frantic 
autumns. 


Robin Lane Fox offers advice to planters 


Stagger those bulbs 


A bulb's first year is usually 
lovely, but why do we nut hear 
more about their second and 
third seasons when so many 
varieties dwindle or disappear? 
In my unkinder moments. I 
blame Holland. I am inclined to 
blame the Dutch soil for being 
too good. Am I prejudiced, or 
is it not the case that we are 
encouraged so strongly to buy 
Dutch bulbs in soil conditions 
which are so good that almost 
no English garden can re-create 
them? 

I have had years of ordering 
bulbs from England instead, 
but my garden is no Lincoln- 
shire, either, and I do remem- 
ber how one of my postal 
orders to Spalding produced an 
enormous package, every one 
oE whose bags was stamped 
with encouragement to enjoy 
Dutch bulbs every spring- Is 
there a big grower of bread- 
and-butter bulbs who sells 
cheap stock from a nursery- 
ground where the soil is run- 
of-the-mill Home Counties 
quality, without rich loam or 
river silt? 



Gardening 


Tulips are particularly prone 
to a Dutch disappearing act. I 


must have had scores of tulips 
in my life, but my affairs with 
most of them have seldom 
lasted more than two seasons. 
In the second year, the flowers 
are smaller and fewer, the 
bulbs have shrunk and in the 
third year, clumps of a dozen 
are down to two or three buds. 
Am I alone in finding that the 
hybrid Darwin red varieties 
have the longest life as flowers 
of any size? 


The trouble with tulips is 
that they will not endure: 
what, though, do you make of 
aconites which will not even 
stan? They arrive very cheaply 
by the hundred, but a low per- 
centage produce any flowers, 
even in the peaceful Victorian 
settings which they are sup- 
posed to like. 

I tired of mass aconite 
planting in 1980 and made two 
changes. I now soak the newly* 
arrived tubers in cold water 
for a day before planting them. 
I learned from a big grower 
that cheap tubers, bought in the 
au tumn, have usually dried out. 

I have also changed to a 
hybrid, Eranthis Tubergenii, 
which is brighter and much 
larger in flower. Sometimes, 
it is listed as Guinea Gold, but 
it is the right form if some of 
its leaves show a -bronze tinge. 
As a hybrid it is stronger, but 
it will not seed itself far and 
wide. 

Crocuses might seem easier, 
but here, too, there is a hitch. 
The strongest are the Dutch 
hybrids, but they are not very 
subtle and lack the soft colours 
of the species crocus. Blue 
Pearl, Cream Beauty and so 


forth. These charming forms 
have less stamina in competi- 
tion with grass or other roots. 

Fortunately, there is a cheap 
compromise. Try crocus Tom- 
znaslniamis for plantings 
in grass, under tali trees or be- 
tween established roots. It 
seeds itself furiously, especially 
on sandy soiL The colour is a 
pale lavender-mauve with white 
stems which . are frail' and 
ghostly, bat the White well 
Purple form is deeper and 
rosier and makes a good con- 
trast /• . 

As for rtwIFnilihi awl nar cissi, 

it will be years before 1 trust 
any new variety for naturalis- 
ing. Those good old narcissi. 
Carlton, Fortune and the true- 
scented Pheasant’s. Eye, will 
never be beaten for stamina. 
Earlier in the year, 1 now rely 
on the admirable February 
Gold, a smaller form which 
stands about 15 inches high. 

Lastly, my particular stand- 
bys of the past two decades. 
As outdoor bedding plants, 
hyacinths persist for years, a 
use which is underestimated 
because of their reputation as 
indoor plants. Plain groups of 
whites and single colours in a 
spring flower bed add a marvel- 
lous scent and lasting charm. 
Irises, by contrast, are master- 
vanishers, but I will never lose 
sight of the one wild form 
which really flourishes in 
Britain. Iris Histrioides flowers 
in February at the sturdy 
height of six inches, even in 
its “major” form- 


City farms dig in ;!je» 


GERALD the goose, Dirty Dick 
the rabbit, Fritz the calf and 
Georgina the nanny goat The 
names trip off Simon’s tongue 
as we wander round VauxhaQ 
City Farm, a stone's throw 
from the Vauxhall . Bridge 
roundabout in south London. If 
you . have any difficulty with 
directions, listen for the bray 
of Jacko the donkey, the crow 
of Dennis the cockerel, or 
watch out for the brightly 
painted mural on the gable end 
of a disused warehouse. 

Simon wants to be a vet when 
be grows up. Francis left school 
with so O levels, has never 
visited a farm in the country, 
but hopes to become a member 
of the British Horse Society, 
aiming for the BHS Horse- 
master’s certificate. Aged 20, 
he first worked on a city farm 
three years ago, un der the one- 
year community industry 
scheme. He is now on the 
farm's management committee. 
He is employed foil time at 
Dean City Farm in Mitcham, 
south London, but also helps 
out at Vamchall, where he 
exercises and feeds Vienna and 
Uggles, the two ponies: 

“ They win sometimes shy at 
tilings on the road. Vienna 
doent like fire engines. She 
shoots off when she hears one 
coming” says Francis. 

Hundreds of volunteers and 
trainees like Simon and Francis 


TULIPS HAVE been popular 
with British gardeners since 
their introduction from Turkey 
about 400 years ago. Yet for 
most of that time it was the 
individual flower that was 
valued, and the idea of planting 


tulip 


voiucu, o«u — , * - — 

tulips in large numbers for 
aruei 


iUUMJ IU _ 

garden display scarcely seems 
to have occurred to anyone 
until Victorian times. 

Unlike most new flowers, the 
tulip when it first arrived here 
was not a wild plant but one 
that had already been highly 
developed as a garden plant 
There were various shapes of 
flower and some were prized far 
above others. Turkish gardeners, 
who bad developed these fine 
blooms, liked them when they 
were one colour throughout 
But English and Dutch 
gardeners soon discovered that 
quite frequently a bulb which 
had been producing plain- 
coloured flowers would suddenly 
start to produce flowers of two 
or more colours, often in extra- 
ordinarily complex patterns. 


as "breeders," useful because 
they might produce good multi- 
coloured forms. Very high 
prices were paid for bulbs pro- 
ducing the most exquisitely 
patterned flowers, and this was 
the order of things for a very 
long time, though enthusiasm 
did gradually wane. 

We now know that this break- 
up of the normal colouring of 
the tulip flower is caused by a 
virus carried by greenflies, and 
that it can be hastened and to 
some degree controlled by arti- 
ficial infection of the plants. 
But this knowledge has come 
too late to be of much value to 
tulip growers, very few of whom 
now favour the “broken” flower 
colour. 


They had no idea why this 
happened, but were thrilled by 
what they saw. They trans- 
ferred their admiration almost 
exclusively to -what they called 
•• broken ” flowers and regarded 
the plain-coloured ones simply 


Today demand is for vigorous, 
free - flowering. completely 
healthy tulips that will make a 
magnificent display in the 
garden. Even for this purpose, 
fashions have changed greatly 
during this century and are con- 


tinuing to do so. 

A hundred years ago the 
ideal tulip flower was one of 
perfect goblet shape with broad 
overlapping petals making an 
absolutely symmetrical flower. 
Anything that did not conform 
to this pattern was thrown out. 
Later on, when fashions changed 
and gardeners began to look 
for a greater variety of flower 
shapes, some of the first o f the 
new generation of tulips were 
found in cottage gardens where 
the throw-outs had been pre- 
served by nursery labourers. 
For many years these new 
types, with narrower and often 
outcurving petals, were known 
as “cottage tulips” and I rather 
regret the passing of this term. 

A giant step forward m the 
development of the tulip as a 
garden flower was made in the 
middle of this century by cross- 
ing garden tulips with wild 
tulips. Three of these wildings, 
all from central Asia, have been 
particularly successful in pro- 


ducing valuable new races. 

Tulipa fosteriana. with enor- 
mous scarlet flowers, has 
increased the flower size of 
some tulips and introduced 'its 
own particular brilliance of 
colour. T. kagftninniana. which 
is short stemmed but has long 
petals, produced early flowering 
tulips very suitable for rock 
gardens, sunny banks and the 
front of flower borders. T. 
greigii. notable for the choco- 
late or maroon stripes on its 
broad, widely-spread leaves, has 
made it possible to regard some 
tulips as foliage plants as well 
as magnificent flower producers. 

Yet another wild species from 
central Asia is Tulipa praestans. 
Its scarlet flowers are rather 
small, but there can be several 
of them on each stem. It is from 
this species that the new race 
of Multiflowered tulips has been 
developed. 

New colours have been intro- 
duced, most notably green in 
combination with, or suffus ing. 


other more traditional tulip 
colours. Flower arrangers have 
found these particularly useful, 
but they also look attractive in 
the garden. They are usually 
listed as VIridiflara tulips, not 
the happiest of names since it 
suggests a botanical origin 
which does not exist 


Because of their ancestral 
backround in central Asia and 
the Orient tulips are all lovers 
of sun warmth. This means 
that they can never be quite 
so mnfh at home in damp, cool 
Britain as daffodils, which are 
of native and European origin. 
Yet they have acclimatised 
remarkably well, some varieties 
better than others. I have cuts 
of some of the older May 
Flowering tulips in my garden 
which have been growing undis- 
turbed -for many years. For 
mass displays in public parks 
it is essential to lift and replant 
every year. To do anything else 
would be to risk unacceptable 
gaps. But where I grow my 
tulips, it . does not greatly matter 
if some do not reappear. They 
are in mixed company with 
other bulbs and herbaceous 
plants to distract ' attention if 
some of the tulips are m is sin g; 


Arthur HeByer 





cay children eye the animals at the VanahaH farm 
J London 


have put a lot into the UK’s 55 
fam 


city farms, and no doubt have 
gat a lot out. “They are aimed 
particularly at the disadvan- 
taged, the underprivileged and 
the handicapped,” says Vernon 
Bright; manag er of' Vauxhall 
city farm. “They come here and 
are expected to help with births, 
and give injections, and are 
thrown hito dealing with visitors 
to the farm.” 

Vauxhall takes over 50 
train ees each year; some from 
YTS. some on work experience 
from school, and youngsters on 
community service orders. 

Animals offer no threat to 


people, they are not going to 
judge them. They help kids 
build up self confidence.” 

City forms fall bade increas- 
ingly on their own resources. 
Vauxhall, Bke most, is managed 
by a committee of local people 
elected at its AGM, although 
Bright, with his three full-time 
amSmb , is responsible for 
day j to-day running; It is 
. funded partly by the local 
council, the Tnnm- City Partner- 
ship, and.Urban Aid. and 20 per 
cent by special gran ts, but 
Urban Aid funding Js expected 
to end this year. All the 
animals have to provide income 
for the form. Martel's piglets 
. were sold for breedi n g , with .the 
money spent an three Berk- 


shires to fatten up for pork. 
Goats! kids, lambs and poultry 
are sold for meat. 

: " There is no point in keeping 
animals just for children to be 
able to touch- them," says John 
T-an g am , a bricklayer by train- 
ing, now youth worker at 
Kentish Town city farm in 
north London. , , 

The farm, on a five acre strip 
of reclaimed land straddling the 
main Hue from St Pancras to 
the earns £10,000 a 

year from visits and by selling 
eggs and manure. Biding les- 
sons are another valuable 
source of income; as . many as 
60 children take pony dob les- 
sons at £1.50 a time. 

Dolores and Cherril, half-a- 
tom sows endearingly named 
after two farm workers, will be 
kept for eight Utters, then sold 
for processing into pork pies or 
sausages. Milk from cows and 
goats is used to feed the young 
animals on the farm.. Children 
can keep any eggs they find. 

None of the farms visited had 
suffered any vandalism. John 
Langam says city farms could 
not survive without the help of 
local young people. “We get 
kids -up here at &30 every 
summer’s morning to muck out. 
The staff wQl come and go.' but 
the youngsters will always be 
here.” 

Holland, -which pioneered 
childreri’s farms 25 years ago, 
now- has over 800.- The Dutch, 
more aware of the possibilities 
of small areas of unused land 
in. urban areas, injected con- 
siderable capital info such pro- 
jects and even., have a 
government minister respon- 
sible. Every time a bousing 
estate is planned in Holland, a 
children’s farm, is incorporated 
la the Mueprint The idea has 


since spread as far as Australia. 

The first city farms in theUK 
were started early in the 1970s, 
and now have their own 
national federation, providing 
technical and general advice to 
existing farms and to com- 
munity groups thinking of 
setting up their own. ' 

Visits by nursery classes and 
play groups are already well 
established; adult education 
classes are somet i mes offered, 
in a range of subjects from bee- 
keeping, spinning and dyeing, 
knitting, animal husbandry, 
dairying and looking after pets. 

Bat income- from classes and 
sales of produce, whether eggs, 
meat, milk, or worms reared 
for the local fishing shop, do 
not by themselves make ends 
meet City farms depend 
greatly on the work of volun- 
teers. , . ... , 

Donations in cash and in kina 
are also important, and re- 
cycling keeps costs down. Same, 
for example, meet up to 50 
per cent of their animal feed 
hill by collecting wa ste fro m 
bakers, brewers, greengrocers 
and wholefood warehouses. 

Cates are now open on eight 
farms; four tun shops selling 
farm produce. Five farms pro- 
vide riding lessons; a city form 
in Leeds is setting up a market 

the Windmill Hfll 
City Farm is drawing together 
a community business plan for 
a farm of at least 100 acres run 
on organic principles in the 
countryside outside the city. 
The out-of-town farm and a 
shop planned for the Bristol., 
site could generate income 
over tiie next five years to fond 
a further 20 self-financing jobs. 

Alastair Guild 



Overseas Property 



rm 



The Directors of Puerto Sotogrande S-A. 
request the pleasure of your compaxgr at 
The Dorchester Hotel 


on 


Wednesday 23 September 1987 
at a presentation to mark 


The Opening of the Harbour 
and 

The Harbour Village in Sotogrande 


RSVP 

27 Hfll Street, London WL 
TH: 01-493 1833 


The Halford Boom 
12 noon -8pm 
Celebration Cocktails from 6pon 



Castelfalh 

THE ART OF RENAISSANCE UVING^S 






CHARACTER APARTMENTS IN TUSCANY ON UNIQUE 
RENAISSANCE ESTATE 

the security and peace of mind expected cf a 


like a village in a Renaissance printing 
Castel&lfi stands <n albecaa hilltop 
overlooking a wide tapestry of vineyards, 
ofive groves and cypress-dad hills. Here, 500 
years ago, the Medici fiwed. 


Today, the medieval buildings and outlying 
farmhouses are being exquisitely restored to 
provide apartments for modern living- with 


fully managed development. 

To the natural splendours of the CasteJfelfi 
estate haw been added 36 boles cf 80% 
swimming pools, tennis courts, bars, 
restaurants and a splendid equestrian centre 

-anju^4S whriitAg frnmRsalntaTatioDal 

Airport Prices from around £300,000. 


Discover more about historic Castelfaifi. 
Yiatonr stand at the Inter n atio n al Property Show; 
the Park Lane Hotel, Piccadilly, London, 
October 7th and 8th, 10.00am to TSOpm, 


For father information contact: Ftoqua(eTartaglta.Oiestertan5PrudentM, 

716 Kensington tfgh Street, London WB7KW( 01-937 7244. 


CHESTERTONS 


somawiev wctwusre. hml 

E5®l , W£S?K£E3S'i 


. garnng. 


BUY DIRBCT FROM BUILDBW 
£25,000- £120.000 
FuA Mtee, manaoamenl and 


London vtt 3 HX - T* ttttf 6 M 


RAMSEY, ISLE OP MAN 


a bate ***?*&2* 


Chi 


COTE D’AZUR 

30 nrin « - • iplec d l d iflh. 4 


si Edens with, bested pool. 
Breathtaking. 


i 

H i wm . Partly ftminw o ir 
required. Private but not remote. 
JRIwlBe oBddrtgbJieyi: 
Fitnicc<aUB»8S0M00 


WEST MASIEUA-JEACH FRONT 


Jinlw il 

n 

■ a 


lo tom 29*. 

tf5io raser 1WM to 


Mb. EBgHy nmODaded. 


TUSCANY A LIGURIA. 



Country Property 



LUXURY HOMES ON THE RIVER AT MARLOW 

Luxuriously appointed three and four bedroom houses on the river near Mariow Bridge. Races 
are from £245,000. Awarded Commendation in NHBC Top Awards. This is the final phase erf 
only seven properties - an early viewing is strongly reco mmend ed. Please contact oar sole 
y elling a gent s Giddy & Giddy (Rivustde), q «« 

iMKJK l^s* 75373 - Costam Homes 

Q^rtawwUrtBaJhied Sfariow B Tktn gh m .^a^MTBit Mclow C06284)l 



Homer HH 


uwih>- 



For rentals in Sussex. Sure# Berkshire and SW London, 
Homer l-H Ltd. irttxporatingMays Rentals offerthewidest 
ranee of qusfity houses and fiats. 

S5Kan£0P28438ll. -ftta:89SSII2. 



• HEART OF EXMOOR— NORTH DEVON 

with far-reaching views 


mum OCTAGONAL MUSIC HALL FOB CONVERSION . 

^■MMMMI * caouwns OF NEARLY t MBS 


Current Itarnfa* 


each). Business Training 

fjmtiar MtftthUmfcmaw* 
Auction unless sold early October; 


OB Beds), * Separate 
Salt Nursing Borne or 


Sqlf! Uh 8qnne, South Kuban (MBS) ttBS. Icf CM 


King & Chasemore 
Nationwide 


London Property 


KENSINGTON 


A tt me t h ne mews. Gro und floor 
cottage type fiat. SW6 
Unique, cpriei, 2/3 bedrooms, 1/2 
reception rooms, kitchen, 
bathroom, s to reroom. Access 

pgrt n n (ffyi f n» CH. M in i ma l 


90 year Jesse— £145000 
Teh 01-370 1181 


ALBANIA 


weekend 

£201 


Floral 
5 Days 1 

Take a 
tour of this l 

country. 
Departures from Heathrow 


own 


way Friday &urn February to 
‘ r— Returning the 


November- _ 

fotonrang Tuesday. 

Price includes hill board, all 
travel and sightseeing with 
j Slide. Visas 
and cows extra £19. 
Also available — 
two-w eek ri a s s lca l tour 


\ /OiVAr^cc; 
V w I rVJ7i_o 
i ; — c \y m\ 
JlIO V rKi Ni 


WORLDWIDE 
LOW COST 
SPECIAL 
FARES 


Also 

1st & Club Class 
Reliable ABTA Agent 
01-258 3931 


Personal 


PUBLIC SPEAKING 


Training and speech writing by award winning 
public speaker. 

First lesson Free 

01-839 6552 


; SHARK TIES 

Horribly realistic 

Ateo tzoet, salmon, mackerel 

£7.95 + Sip p&p 

Etieomt Ikadtag) TaBrny, fikw, GLB 8KF 


Education 


Estate Agency 


ft THE FO OT OF T HE SOUTH D0WH3, FULKWS, VEST 

ILL. 


Ink ttttfcr a— t hW n, ii dm tore. 


boot no* 7 Uequhb nl 3 MBrans. 
EoctoBd com*d dorifa EHW- 

MeiM SllWno. HBMM (MKMCOOOLSOOfiORllM. 

JMImba 
MM b wsmm «f CHtyMI . 


rnreatd 


WANT TO SPEAK FRENCH? 


mere, 


OW-TC™. APFWJACa ” t« Fra** 


SRSLtsBB&aaasam 






* *fc 




* >■ jf 1 

iss 














Slnaricial Times Saturday September 19 1987 


WEEKEND FT SVH 


"in 




sup, ®;.k 
5 . 

• £ fiaaaft?^i 


• £ -:iaj i kJk 

a:**, f,_ 5a,9 > 

P’idcS^c 

»«?■& 
te ss#i 

r=Sss» 

fc "“ O'-TLb 

i! 

. ’ flZCjji i 

r ... r* ,l3S 5 

— "irdBij 

; *f s «* Otof;, 
«’■-? r:r rw ?, 

■•*«• f.ift 

- •: : '^5EG 

■ ft? Vsajr 
;irs •• ,i’3*a?K; 

;: .'•'*. V*-=S5W 
••• - 

• • • - :2:.?:e; ; ■ 

■ - Hi T 
tog 

•.•-.r.-:: fc: »juv. 
: rcp?:r; ^ 

■ :••? :':=.■? vjisEi 

;r 2'.- --'.liras: 

.\lastair t; 


sy & Travel 


LB.™ 

a i:k wifll 
- L*-^» too S3 


'■■- • • 3 I 

• - * -- :% -\x | 

' '+'•?"< . i 

. - _ vnr 




ORL0W$ 

OWCOSI 

SPECLAL 

fares 

A '^ -vs 
. p.. H JiS 5 

CI-25S 3531 


IKIH.8, 

* 



***■ y 

, «** f .r* 


Saleroom/Antony Thorncroft 


Season set to make headlines 


feat... 


THE SALEROOMS are wor- 
ried. All the indications are 
that they are set for another 
record season, and they know 
from experience that ■ when 
tilings look so good -a nasty 
surprise is just around the cor- 
ner. But as long as the econo- 
mies — and Titnrfr rYThfingri nf 
western 1 nations ' continue to 
flourish, . «r demand -for works 
of art will absorb enough of the 
surplus prate -to keep the cur- 
rent boom going; ' 

Sotheby's rogue sale at Glen- 
eagles at the' end of August is 
often regarded as a useful straw 
in tiie wind. The recent one did 
remarkably weU, with a pair 'of 
sporting guns once owned by 
the Duke of Windsor selling for 
£46,000, as against a £12,000 top 
estimate. Those salerooms that 
disdain to disappear for the 
summer, notably Phillips, also 
reported brisk business, especi- 
ally at its provincial auction 
houses. London was rather 
quiet. 

Another litmus test is the 
Burlington House Fair at the 
Royal Academy, which closes 
tomorrow. The top dealers ex- 
hibiting here ' are generally 
happy; there has been good de- 
mand for jewels, paintings, oak 
and docks, in particular. .And 
every time a dealer makes a 
sale he is immediately on the 
look-out for new stock. 

As well as a buoyant eco- 
nomy, the salerooms have seen 


off many of the other potential 
threats to their prosperity. The 
imposition of VAT on imported 
antiques,, as mooted by the EC, 
has receded into the distance; 
the more' immediate challenge 
of stricter controls on some of 
the flhMaflhkmed practices of 
the auctioneers, posed by West- 
minster City .Council, has 
faded;, and the takeover talk 
that dogged .7 Christie's has 
quietened after its successful 
1S8&-87. With, sales bp 50 per 
cent to £58Xtn, and a spiralling 
share price, it made, itself too 
expensive for a realistic preda- 
tor. - However, Christie's has 
suffered a disturbing loss of 
top staff in recent months. 

Record prices engender yet 
more record prices. Immedi- 
ately after Christie's sold Van 
Gogh's “Sunflowers" for £20m 
If was offered another impor- 
tant Van Gogh, “ Le pent de 
TrinquetaiUe/* which made 
£1 2.85m. Now Sotheby's is into 
the act with an important late 
work by the same artist, 
“Irises, 1 ’ to be offered at auc- 
tion in New York on November 
1L it should go for more than 
920m. If it does, it will set a 
new record for any work of art 
sold in the US. 

Sotheby’s confirmed its domi- 
nance In the art world last 
season with a 77 per cent jump 
in turnover, to £837m. As well 
as the Van (high, it is selling 


an important Cubist Picasso in 
London in December. Mora 
than ever before the health of 
the auction houses Is dependent 
on the international demand 
for modem and Impressionist 
paintings; they account for 

almost a third of the total sales 

of the Big Two. 

In the next few weeks the 
excitement at Sotheby's is a 
series of house sales. Prices are 
always extravagant at such 
events; the glamour surround- 
ing the auction of the contents 
of Wilsford Manor near Salis- 
bury, the home of the late 
Stephen Tennant (friend of the 
Mltfords, the Sitwells, and 
other inter-war celebrities) 
should ensure some exceptional 
bids for Cecil Beaton photo, 
graphs, Rex Whistler drawings, 
and Epstein bronzes. 

As well as Wilsford, Sotheby's 
is depatching Tyninghame in 
East Lothian, the seat of the 
Earls of Had ding; Chateau de 
deydael, one of the most 
spectacular castles in Belgium; 
and the final contents of Mount 
Juliet in Kilkenny, in Ireland. 
This last is significant: Sotheby’s 
also sold the actual house and 
its estate, and this week 
announced the formation of a 
real estate arm in the UK It 
is a delicate area, because 
Sotheby's does not want to 
offend the leading UK estate 
agents who often supply It with 
valuable contents to sell. It 


Intends to offer an international 
service for domestic agents. 

Christie’s, too, is getting in 
some house sales while the 
weather remains mellow; in par- 
ticular the contents of Orchard- 
leigh Park in Somerset, and 
the mid-19th century marble 
statuary made for Nidd Hall 
near Harrogate. One of these, 
a Ufe-stze group of ” Ino teach- 
ing Bacchus to dance,” by the 
Yorkshire sculptor Joseph Gott. 
should make more than £50,000. 

There is an interesting auction 
at Christie's South Kensington 
next Wednesday: pictures, furni- 
ture and silver which graced the 
London offices of Distillers. 
Following its takeover by Guin- 
ness, the premises have been 
sold and, likewise, the contents. 
The coaching scenes by James 
Haggs; the sporting dog pic- 
tures by Maud Earl, and the 
heavy furniture typify un- 
imaginative corporate taste. 

Phillips anticipates its best- 
ever autumn, with a jewels sale 
on September 29 and a furniture 
sale on December 1, both of 
which should exceed £750,000, 
setting records for this auction 
house. Phillips maintains its 
regional aspirations. It now has . 
16 salerooms in the provinces, ; 
as well as its three in London, 
and is looking for further 
expansion in the north-east and 
north-west The smaller regional 
independent salerooms are 
increasingly calling it a day. 


and are often happy to he 
enfolded inside Phillips. 

The future lies in the inter- 
national market; it is the global 
spread of demand which 
sustains the salerooms when 
there is an economic recession 
in one country. The saleroom Is 
also becoming much more of a 
credit business; dealers enjoy- 
ing this facility, while private 
buyers are often expected to 
pay in cash. 

Another significant change is 
the increase of bids left in 
advance with the saleroom. 
About one third of successful 
bidden are absent from the 
auction bouse at sale time, while 
in some areas, such as collec- 
tibles, the percentage of bids 
“ in The book ” can be nearer to 
two thirds. The improvement In 
the catalogues has enabled 
prospective buyers to take the 
risk of not personally inspecting 
a particular lot 

The first big sale of the 
season, in New York this week, 
when Christie's sold a copy of 
Audubon's " Birds of America ” 
(with tiie book sadly split up, 
and marketed as more than 400 
separate plates), managed to 
set a record — £29,512 for a 
plate of the Trumpeter Swan. 
It just beat the previous best 
for an Audubon, but was 
enough to maintain confidence 
in an art market which seems 
set to make headlines con- 
tinually in 1987-88. 



The late Stephen Tennant, photographed in 1927-28 by Cecil Beaton. The bronze 
bust will be sold by Sotheby’s at the Wilsford House contents sale in October 


Anyone for 


A YEAR before Alfred Lord 
Tennyson, the most Victorian 
of the Kn gTifth poets, died in 
1892, a pbonograph -machine 
was brought to his home by a 
friend of Thomas Edison, and 
the old man read a few of Us 
most famous poems into the 
tube. 

The selection included the 
Charge of the Light Brigade 
and Come into the Garden 
Maud. Only part remains 
audible but that is highly dis- 
tinctive. 

Tennyson reads in a slow 
emotional style with more than 
a hint of his., native Lincoln- 
shire. Every syllable is care- 
fully enunciated, and the pace, 
and pitch are mod u lated to the 
needs of the verse. He sounds 
exactly |lfcw pruptiq li« had _ 

become, his voice j emanating 
from deep in the caverns of 
time. ' “ ;”T~ • 

Copies of a modem- recording 
can obtained from the. 
Tennyson Society at the Central- 
Reference Library, Free School 
Lane, Lincoln (telephone 0522 
33541) for £1450. The per- 
formance lasts only ten 
minutes . including an introduc- 
tion by Sir Charles Tennyson. 
The record is so worn and 
scratchy that in some places 
yon need to follow the reading 
with a book if you are to catch 
every word. But . poor tech- 
nology sometimes gives good 
art In the Charge of the I4£bt 
Brigade the insistent beat of 
the surface noise offers a 
counterpoint of 'horsed hooves. 

I am most grateful to 'the 
readers who wrote er ; tele- 
phoned when I asked for infor- 


mation on how to find a copy, 
in an earlier article. 

The first successful recording 
of the human voice occurred in 
1877 when Edison recited 
“ Mary had a little lamb M Into 
his latest Invention. For his 
demonstration to the President 
and tiie Congress in Washington 
he also chose nursery poetjy. 

Edison had a keen commer- 
cial reuse. For years he main- 
tained that the chief exploita- 
tion of the phonograph would 
he to enable businessmen to 
dictate • letters without a 
secretary. - 

Preserving the voices of 
great men came well down Ms 
list of potential uses after 
laughing . dolls, machines to 
teach elocution.' and' books for. 



Finding history in a potsherd 


—Tennyson . . .exactly- like ~a -prophet- 


Tennyson was bom at revealing are the 2,000 volumes 
Somersby Lincolnshire and^jj-om his' own ’library,' especially 
went to school at Louth. The those relating to mediaeval 

Daraovflli r’antm ■ aaA ai a 


Tennyson Research Centre, chivalry and tiie 
which is housed in the Central legend, 
library at Lincoln, is built Tennyson usuallj 


Arthurian 


library at Lincoln, is built Tennyson usually noted on 
around a magnificent coilec- the flyleaf when a book was 
tion of books, manuscriptvand acquired. Shelley's Prometheus 
personal records acquired from Unbound — a rare and unusual 
the Tennyson family trustees. ■ book— was bought when he was 
Tennyson was the most at Cambridge. A travelogue 
famous poet laureate m the called Ulysses presented by his 
history of the office, and the friend Palgrave has nothing to 
most popular. His mystic world do with the Homeric hero of 
of Camelot, full of dreams of t j ut - name about whom 
hopeless love and violent death, Tennyson had written one of 
shaped the collective sub- best poems. But In the 
conscious of the nation, margins we can see him draft- 


centre preserves 


another 


4. jab tpg verses bpuul tuiuuic* 

printed books which formed the voyage to the Pontic Coast. Nor 
library of tiie poet’s father, and did the poet disdain to own 
through them we can follow his Walker’s Rhyming Dictionary, 
austere education in the such are the varied springs of 
gn (Hqrrt riamiM. More ObVlOUSiy ■ 


inspiration. 

The research centre fs open 
to researchers by prior appoint- 
ment with the librarian. The 
main portraits in the collection. 
Including photographs by 
Julia Margaret Cameron can, 
however, be readily seen at the 
Usher Art Gallery nearby. The 
exhibits, which include a 
picture of the grave diggers 
preparing his place in 
Westminster Abbey, nicely illur 
st rate the Victorian interest in 
the details of funerals. The old 
man who had chosen a song 
on the sweetness of death as 
one of bis recordings for 
posterity would have enjoyed 
seeing them. 

William St Clair 


THIS YEAR’S dig at Karon! in 
Cyprus is table work. Rather 
than slogging in the trenches, 
we are studying the finds from 
the important 13th century BC 
building we have uncovered, to 
see -where we have got to and 
what we should do next There 
is. none of the dust of digging, 
hut bending over large trestle 
tables to squint at potsherds 
produces backache and taut 
hamstrings. 

It also gives a calm view of 
what happened at Moroni in 
ancient times, and there is still 
the chance of new' finds— 
nothing as dramatic as a find 
in- the trenches, but this sherd 
may turn out to be from a rare 
import; another to fit a vase 
we know, and what was thought 
to be a scrap of bronze waste 
turns out to be part of a 

team is small- This 
means that, as director, I can 
raeaitb.andTjeraU'the pottery,' 
without spending all my time 
telling -others what- to- do. - H- 
is the chance to t h ink out 
quietly the history of the site. 
Even if we do not come up with 
tiie answers, our questions for 
digging in 1068 ought to he 
sharper. 

We have our usual pot shed, 
a house on the edge of the 
village with a yard for the 
sherd tables. We live above the 
shop. There Is a view to the 
sea. At morning and everting 
the sound of bugles floats over 
the vaSey from the National 
Guard base at Zyyi, next to the 
BBC World Service's Middle - 
Eastern transmitters. Our 
neighbour is an old woman 
who keeps an eye on the 
house when the owner is 
away. Her family has been visi- 


ting from London — much load 
talk in Greek, interspersed 
with impressively colloquial 
En glish. 

In the yard, five tables are 
covered with groups of sherds. 
Their numbers are chalked on 
the tables and the labels pinned 
down so the winds can- 
not blow them away. We work 
through the sherds, lot by lot, 
checking the original diagnosis 
of what was in them, and look- 
ing for joins, rarities and any 
dues for the sequence of events 
in the 13th century BC. 

It is clear that the big build- 


coarse cloy, and were imported 
not for beauty but for contents 
(wine?). Our Canaanite pieces 
span 150 years of the Late 
Bronze Age, as does the metal 
debris. This helps suggest a 
pattern of trade (if Maroni was 
exporting metal, as is most 
likely). It may well be that our 
big building was put up around 
1300 BC in response to the In- 
creased demands of the metal 
business and the need for 
proper control. 

A hundred years later the 
building was abandoned, and 
the need had gone. What hap- 


Gerald Cadogan sifts through his 
finds in Cyprus in search of clues 
to events in the 13th century BC. 


fag, 31 x 20m with much finely 
dressed limestone 4 masonry, was 
the ruling building of the re- 
gion and controlled food pro- 
duction and copper and bronze 
working. It has Cyprus’s oldest 
olive press, and plenty of fur- 
nace debris, metalworkers’ awls 
and bits of copper ingots. The 
building may even have been a 
ruling with the power of 
religion — difficult to prove, 
hut at other periods olive 
presses belonged to sanctuaries^ 


''One find from routing through 
tiie sherd bags is that we have 
more imported Palestinian 
amphorae than I had im ag i ned. 
The shape is known as the 
Oi naanifit jar, and is the fore- 
runner of the typical classical 
wine amphora. They are of a 


pened? Who knows? I expect 
it was a political event, - and 
they are almost impossible to 
pinpoint in archaeological evi- 
dence. 

We divide the pottery now by 
rooms, moving on from the grid 
of trenches that we super- 
imposed on the plan of the big 
building to excavate. Since one 
room may appear in four Affer- 
ent trendies, it needs constant 
checking of the notebook to be 
sure what was being dug, and 
into which room It comes. 

Slowly the picture of what 
tiie building was like when it 
was alive comes together. Most 
of the loom- weights are from 
one room, which suggests there 
may have been a loom on the 
upper floor. But the room also 


had many large clay basins. 
What were they for? 

The pottery is also split by 
periods, which produces some 
surprises. More Roman is pop- 
ping up, of around 50 BC-50 AD 
and some later (6th-7th cen- 
turies). Last year we found 
out that the early Romans had 
robbed some of the fine 
masonry of the big building, as 
they had left a piece of glass 
in a layer of stone chips on top 
of a robbed walk It helps now 
to have more evidence of them 
— even though they vandalised 
the building. 

One puzzle will not go away. 
What happened between tiie 
abandonment of the big bnild- 
ing around 1200 BC and its 7th 
century BC resurrection as an 
Archaic shrine? The problem 
is that the later floors are so 
close above the Bronze Age 
floor that we cannot separate 
them. And where we can, it 
means that in an inch or two 
of -earth the history of the 
place jumps five and a half 
centuries. Did the building 
really stay so dean for that 
long time that nobody used it? 
Or did the Archaic people 
decide to clear it out— and that 
is why the old floors were used 
again? 

Many of tiie bits of bronze 
are on these floors. And so we 
do not know if they are actually 
Bronze Age, or Archaic, or a 
mix of the two. It is likely 
they are Bronze Age only, and 
that bronzeworking at Maroni 
stopped at 1200 BC, but we 
cannot yet exdude a resur- 
gence of the metal industry in 
Archaic times as part of the 
revived life of the big building. 


How Boadicea cashed in 



BO LEX 

qfCmw 


DOES YOU CREDIT 
...FREE! 

WEARS NOW ABLE TO OFFER 
INTEREST IREE CREDIT ON 
ALL JEWELLERY AM? 
■WATCHES FROM OUR 
SHOWROOMS, INCLUDING 
CARTIER, ROLEX PIAGET 
BAUME AMERCER, 
CONCORD, VACHERON 
CONSTANTIN AND 
AUDEMAR5 PIGUET 
INTEREST FREE CREDIT WILL 
BE GIVEN ON ALL JEWELLERY 
AND GIFTS IN EXCESS OF 
£3O0L 

NO DEPOSIT REQUIRED - 

VViqTTEKlQlXyiArKJNyftWlABtE. 
ON REQUEST 

B w H Uril i —h _ _ 
titaMSMAbMOallL 
Mi 0t4N 2200/529 5W 

WwiTMC 

mi otVm bm 0s Tfa mm. 


WEEKEND FT 


INDEPENDENT EDUCATION 

The Financial Times proposes to publish a Special 
Report entitled^ Independent Education on: 

Saturday, 17tii October 1987 

For details c£ advertising rales please contact 
Sue MalMeson on 01-489 0033 


AN AMERI CAN businessman 
■has ■ proved generations of 
eminent historians wrong fox 
spuming Queen Boadicea 
Issued no coinage. Numisma- 
tics, or the study of coinage,, 
has been Robert Van Arsdell’s 
pastime for nearly 30 years. 

He the discovery while 
researching The Celtic Coinage 
of Britain, scheduled to be 
published by Spink at the end 
of the year. Unlike the learned 
scholars and students who pre- 
viously researched the subject. 
Van Arsdell does not have a 
classics or historical art back- 
ground. Instead, he drew on his 
academic studies in the fields 
of business management and 
engineering. This approach, 
combined with his numismatic 
knowledge, he calls “the 
science of art appreciation. 

The study of the ancient 
Celtic tribes has baffled man 
for hundreds of years. They 
cave the impression of being 
barbarians, but they Jiad a 
quiet sophistication- This is 

obvious from the beauty and 
excellence of their everyday 
artefacts. While one would ■ 
cut oft an enemy’s head with- 
out batting an eye-lid, the deed 
would have to he done with a 
most beautiful sword. 

It has always been believed 
that Boadicea was too busy 
waging war to turn her atten- 
tion to such mundane matters 
as coinage. In fact she issued 
a tremendous volume to finance 
her revolt. She rose to the 
jeenian throne after her hus- 
band’s death in 61 AD. The 
Iceni's kingdom was basically 
what is now the county of Nor- 
folk. King Pratsutagus left 
half his wealth to the Emperor 
Nero, expecting the rest would 
go to his family. 

instead, the Romans mis- 
treated Boadicea and _her 
daughters. Incensed, the Iceni 
revolted. Boadicea led the 
army that razed Colchester and 
London to the ground, massac- 
red 70,000 Romans (according 


Collecting 





The two sides of Boadicea’s silver unit 


to Tacitus) and cut the -Roman 
Ninth Legion to pieces. Her 
campaigns were so successful 
that -Nero nearly abandoned 
tiie conquest of Britain. How- 
ever, the Celts were defeated 
and although Boadicea escaped 
she took her own life with 
poison. 

Van Arsdell has now Identi- 
fied two coin types as belong- 
ing to Boadicea’s reign. He 
found that scholars had dated 
the two coins 50 years too early 
and so had entirely missed the 
Boadicea connection. He 
explained: “These silver pieces 
had no inscription, so everyone 
assumed they must be 1 early.' 
The fact is that for some un- 
known reason, Boadicea decided 
to omit her name.” Although 
the coins superficially resemble 
earlier pieces, close scrutiny 
shows that they are nearer her 
husband’s is detaiL 

The designs of the two coins 
identified by Van Arsdell are 
very similar. Both feature ' a 
crude head, facing to the right 
on the obverse with the branch 
of a tree behind and either 
leaves or pellets In front. The 
second type also has pellets 
below the head. The reverse of 
both coins is identical. A 
horse, with a branched tap is 
shown galloping to the right 
Above, there is a triangle in an 


enclosed beaded compartment 
below a diamond with carved 
sides. 

Scholars have traditionally 
dated them between the early 
Boar/Horse issues and those 
bearing the name of the ruler 
Anted of the Dubnnni tribe, to 
the years 10BC-10AD. It has now 
been proved that the pieces 
are In fact the very last Ancient 
British coins and were struck 
to finance the Boadicean Rebel- 
lion Of 6LAD. . 

“ The coins have always 
appeared out of place for a 
number of reasons," explained 
Van AredelL ** First they are 
plentiful fa the Iceman hoards, 
which - is unusual for an tone 
that was sttpposdly 50 years 
earlier;: Furthermore, there Is 
evidence that they were 
hastily struck. The only 
Ancient British blockage is 
found in one of these 
types. Brodkages are produced 
when a coin sticks in the die 
and subsequently strikes other 
coins. The moneyer, working 
by hand, would usually catch 
the error — unless he was too 
rushed to pay. attention. Nor- 
mally, Ancient British coins 
were struck with some sem- 
blance of care and brockages 
are unheard of— except for this 
single coin.!" 


Van Arsdell analysed eight 
hoards where the archselogical 
proof shows Clearly that the 
coins were concealed at the time 
of the Boadicean Rebellion. The 
fact that a high percentage of 
the pieces were of the Head/ > 
Horse design, pointed to the fact | 
that they were deposited when 
they were commonly in circula- 
tion Le. shortly after they were 
struck. 

By the frequency 

histograms of the coins he was 
able to ascertain the standard , 
weight of each type. He then i 
constructed cumulative fre- 
quency hi sto g ra ms, which is the 
only correct way of ascer ta i n i n g 
the degree of wear. Strangely, 
the series had never been 
analysed fa this way. This, 
combined with a cruder 
statistical technique, proved I 
without doubt that the coins 
were freshly-minted when con- 
cealed, Le. were issued by 
Boadicea. 

Ancient British coins have 
not enjoyed an uneventful pas-' 
sage over recent years. The 
discovery of rare examples by 
treasure hunters nsing metal 
detectors, a spate of forgeries 
(which now thankfully has been 
eliminated) and thefts from 
archaeloglcal sites, have all up- 
set tiie market. 

Specimens now sell for about 
half the prices realised in the 
1970s. The market peaked with 
the sale of the Mack Collection 
in 1975. Ancient British gold 
starters now sell from about 
£120 upwards, according to 
rarity a™* condition. Consider- 
ing they contain about £60 gold, 
thfe is not a high price to pay 
for a piece of British history. 
Silver denominations can be 
purchased from £50 upwards. 

J. Pearson Andrew is Consultant 
Editor of Coin & Medal News 
and UK Correspondent for Coin 
World (USA) and the Australian 
Cain Review. 

I. Pearson Andrew 


COUNTRY HOUSE 
SALES 

Chateau de Cleydael, 
Aartselaar, 
Belgium 

THE PROPERTY OF 
MONSIEUR JEAN -FRANCOIS LEITNER 

The contents ofCMteau de Cleydael 
and other properties will be sold on 
Toeadaf 13th October 1987 
at 10 JO am, 230 pm and 7.30 pm 
and the following day at 10.30am 

On view at Aartselaar: 

Friday 9th, Saturday 10th 
and Sunday 1 1 th October 

10 am to 5 pm each day 
Monday 12th October- 10 am to 1 pm 

Telephone during view, sale and 
delivery days: 32 (3) 887 0066 

Catalogue: £10 
Admits to view and sale 

Enquiries: 

Count Hairy de Limburg Stirum (Belgium) 
and George Bailey (London) 

Sotheby’s, 32 rue de PAbbaye, Brussels 1050 
Telephone: 32 (2) 343 5007 

Sotheby’s, 34-35 New Bond Street, London W1A 2AA 
Telephone: (01) 493 8080 




if-? 









XVIII WEEKEND FT 


Financial Times Saturday September 1& I98T 



D 1 V E R S I O 


Ian Player reports on the World Wilderness Congress 

of the World . M enemy of pro® 

™ Conservation 

by the Wilder- World Consen 

ion from the * , f Programme, spe 

Owl " the vision- * __ 4-n Michael Sweatn 

who became a IJ || • M 1*111 111 of the congress 

“You are tired fl I I dm A > fl II VI I mittee. The inti 

civilisation. I 11 * ine oroeramme 


THE symbol of the World , 

Wilderness Congress, which has f 

been meeting in Denver, B A1 

Colorado, this week, is the green ■ fl || I K~* I 

erythrtna leaf. V/ Vr J. Mk3 V' I 

It was taken by the Wilder- 
ness organisation from the f 

words of “ Grey Owl " the vision- ^ - 

ary Englishman who became a B || OR M 

0]ibway Indian; "You are tired fl fl fl mm R 

with years of civilisation. I m m. M. ™ 

come and offer you — ,what? 

V Jhrpp D nifnt^f e, rhp 2e ipaf reore* Edmund de Rothschild and 
three points of the leaf repre David Rockefeller), multi- 

^rnri he m r -fi Vn man P lnd £ man lateral aid agencies (such as 
I°" Gc 5u man-to-man and man- ^ Vv r orlll Rank and UN De- 

to-eartn. r veiopment Programme) and top 

This is a fine image for a fine scientists in the fields of tropi- 


concept. 


upshot 


forests, forestry. 


Colorado this week has been population and environmental 
detailed discussion of such iLpv 


practical matters as the finacc- 


stiess. 

The goals at each World 


ing of conservation projects in goais at eac.u worm 

developing countries, an mvcu- Wilderness Congress are de- 
lory of global wilderness areas signed to fit the host country s 
and the exchange of conserva- concerns. The first Congress, 
tion techniques and experiences held in Johannesburg in 1977, 
throughout the world. P Iac <?ci members of different 

More than 1,100 oeonle races on tbe same platform. 


people 


attended the triennial interna- breaking colour barriers only a 



convention 


year after the Soweto riots. At environment is considered 


scientists, bankers and cabinet tbe second congress, held in luxury. 


enemy of prosperity, it should 
instead sustain and enrich oar 
prosperity." 

One of the. major goals of the 
congress was the creation of a 
World Conservation Banking 
Programme, spearheaded by Mr 
Michael Sweatman, a member 
of the congress executive com- 
mittee. Tbe international bank- 
ing programme wauld establish 
more conservation projects in 
developing countries where the 
environment is under siege. Mr 
Sweatman's programme aims to 
assist developing countries in 
obtaining finances to establish 
national conservation strategies 
an dto enable swaps of massive 
Third World country debts for 
conservation projects in those 
countries. 

Another congress goal was to 
increase awareness of the 
amount of Wilderness left in 
the world. The congress was 
told that only SO per cent of 
the world remains in wilderness, 
most of it in Arctic and Antarc- 
tic areas and- in the desert 
a regions of Africa. 

Most of the high Arctic areas 







ministers gathered with people Australia in 1980. Mr Malcolm *<j t 5 ftould be clear that the that remain wild are located in 

of indigenous cultures, non- Fraser, then the counts development prospects of a the Soviet Union, 

governmental organisations, premier recommended the countx y ve intimately tied to Mrs Brundtland. Norway’s 

conservationists an$ citizens Gr 93 * Barrier Reef as being natU ral resource base.” Mr premier, delivered the World 
representing more than 55 f., a , ^ „ or inclusion on the j aznes Baker, US Treasury Sec- Commission on Environment 
countries to discuss new con- World Heritage List. Suose- re tary. told the Congress in an and Development report. “Our 
cepts in “Wilderness" and the quently, specific areas were address to delegates this week. Common Future,'* before flying 
future of the world's natural brought under Protection and .» We cannot expect to conserve from Colorado to the UN In 
resources. management The third con- our environment if we preach a New York to present the com- 

The congress brought to- Sress. held in Scotland in 1983, j^ucy 0 f limited growth and mission’s findings. The pub- 
g ether artists, musicians, the announced the ratification of opportunity — if we deny to lie hearing capped the week- 
Native American Council of the World Heritage Convention C jtizens oft he developing long international conference 


=rS-\S- lS T v* 



Food for 
Thought 

Kitchen 

devils 


Elders, an 87-year-old Zulu for the UK. 
tribal elder. along with The fourth congress sought tc 
Norway’s premier and Minis- provide a means to balance the 
ters of the Environment tough issues presented by ex 
from Botswana, Hungary, tensive environmental degtada 
Canada. Australia and the tion, often fuelled by economic 


4 UJC waw world the dream that built our with another discussion of the 1 BEINN autui HIUIIIM ■ -W— f "T~»- O ACM Poof J 1 M%J m''**** r - ; V’ 

The fourth congress sought to own nation — the dream of link between environment and nounced Ben ScrioH. the scree parliamentary candidate and a betwwn 2,000 and escatiopes, each being given the 


SO THAT’S how you do it 
Those' of us who have struggled 
to get tbe highly desirable 
scorch marks on flaking turbot 
or impervious steak will 
appreciate the significance of 
this tip. 

Heat a thin metal rod, or 
skewer, or poker, until it is red 
Danny G fllman on Ixafhaeh. Torridon— one of the munros hot (not so easy on an electric 

hob), and then brand tbe fish 
or meat with whatever fancy 

^~sd-m • B A • pattern appeals to you before- 

Climb every mountam 

' ^ . Fair Hotel in London. There 

SGRITHEALL — pro- governor of Natal, Conservative feet, and then the 86 Donalds, they were, little piles of turbot 


provide a means to balance the economic opportunity and a 
tough issues presented by ex- better life. But I believe we 


economic opportunity and a economic health. mountain — is not one of Scot- collector of fossils, eggs and Others scour u 

better life But I believe we Dr Ian Player is founder of land’s most celebrated peaks. It butterflies, he devoted himself British isles for 

can succeed in preserving that the IrUematioiud Wilderness stands by itself on tbe northern to making the first systematic toms— there are 

heritage if we make clear that Leadership Foundation and shore of Loch Hourn, a lonely list of Scotland’s mountains. aoma, tour in tc 


the tion, often fuelled by economic heritage if we make clear that Leadership Foundation 


People’s Republic of China, development porgrammes, with tile fulfilment of that dream Honorary International Chief j fiord on Scotland’s jagged nortb- 


They were joined by bankers conservation projects in coun- depends on conservation. Con- 
and businessmen (such as tries where protection of the servation should not be the 


collector of fossils, eggs and Others scour the rest of the chequerboard treatment by a 
butterflies, he .devoted himself British Isles for . 3,000 ft moun- yming man in chef’s whites, 
to waking the first systematic tains— -there are eight in Snow - j^-pr these same escallopes re- 
list of Scotland’s mountains. donia, four in the Lake District appeared, cooked and filled 
; In 1891, Munro published his ^ seven in Ireland. . with spinach and chanterelles, 


WWWM« V j UU1U UU iJWUlUWI I J»66“ 'Ml J.OOI. IB . U1H U W 1 UU3U CU uu — _ .. ,« . « . -r— — ■ — •• -- 

Executive of the World Wilder- west coast. It is ringed by Table of Heights over 3,000 Inevitably, too, where ooses- ^ de turbot forme 

ness Congress). mountains of far greater re- /eet He counted 283 in all — 510105 ®oocerned. arcane ojs- ^ duimpigiunis des bote. 


nows, among them the Torn- * 


as the fledgling P***- 5 JR l it is not every day you are 


Yet, Sgritheall has much to Munro next set himself the or top^ are b “S r . men - However, the 

offer. The most enticing path to of being the first person or “ merely a sureiaiary j^y Fair is opening its 

its summit begins a short dis- J, ^iftnK all 283. From his base ^ fter kitchens to the public— not on 

tance above Sandaig, the tiny m -family estate in Fife, a 5°* a Brand scale and not every 

golden bay where Gavin Max Sront wouhl tiSZSt hito to i uo ®i day. 

well wrote A Ring of B nght remotest Scotland by dog-cart 555SSS5?*^22mw b ’ MuSo’s Occasionally eight or so 

Water. As we laboured up There, he would stride off alone, “ random Pe®!* 1 ® wiU 06 invited to the 

SgntheaQ s abrupt southern carrying a long-handled ice axe S^SSSio?*! ^ha? ^faw decreed chers cabin which is d ® corated 

^ CT ^ se S a to assist his ascents and an mu^be ^ diplomas of every kind. 

to chKk the Sit^Taer^-ftetobles 



y men. However, tbe 
air is opening its 


daig. As we looked bade we 
could see where it runs into the 


heights. 

By 1918, at the age of 82. 


would no longer be Mnnroe " you ^ ME wbjt( garbed sous . 

For years I restated all of sauce chefs, pastry chefs 

this: the scrutiny of maps, the +n f™ 


looks out on to the kitchen. 


sea— the very place where Max- 

o,oiiv nHarc ttcvToU Ttiveod Munro had juft .two peaks to 


■■ 

kr . \ * < 


well's otters fished and played. tlus: the scrutiny of maps, the fro. and 

Sgritheall also has an eerie, federations f W bis final ascent rf lists, the arguments g^uipse how that noisette 

isolated loch trapped in a hollow ^ben tragedy strode. That ovei Lj W | ie ^ er u moun ^ n d’agneau au furrier de truffes 
on its eastern ridge, and some snSierrM^ joined the Red ^ actually put together. 


ridS^nS^^tSs^ cTSd SSlSriS ^^h?d ' The reasons for this' hospi- 


Magqnbu Ntombela and Ian Player . . . l e a rn ing the laws of the Wilderness 


mit. For the most part the — « — “ 

ridge was wreathed in douds as - ■ 

we climbed; but near the top pe ter HiThnan on the 
they cleared to reveal Skye and , r *r j 

the CuiBins, a mistv blue in the obsession 10 HSCeHQ 
evening sun, and bevond them the MtULTOS — 277 Of 

the diadowy Outer Hebrides. 

For us, Sgritheall had one Scotland S-lOp peSKS 
more prize. As my son Danny ” . 

“ d 12^.^ for the British troops. 


- «. . " . ^ • i VUTIUUOljr 11 riUl UUl UU Ul? 

brought me a *am«t 1 « ™ May Fair any harm. But even 
^enenres toat !rft me want- fashionable watering holes have 
^ to face up to commercial com- 

Peritior, like one or h™ other 


THERE IS an extraordinary 
relationship between Ian 
Player, founder of the World 
Wilderness Congress, and Mag- 
qubu Ntombela, a Zulu who 
accompanied him to Denver 
this week. 


Honour bound 


we offered the mountain a 
ritualistic incantation. 

made especially for it in his -That’s 29,” I said. ““ 

kraal. This becomes the place in - Twenty-eight” said Danny. ie XT died Margin 

the kraal where the important mt,™ ^ j_ Munro s prize was taken by mg to s 

family decisions are taken, be- vSf? the Reverend Archibald Robert- Kidge 

cause the ancestor, now that SST rSo^fseo^^ode Fot *?“ who | e P?™! 1 of Rannoch, thrpugi 

he has come home, can be con- S dose ® . Ne ^* Glencoe, arrived. 


He- caught 


S5wtetao«ti“ti,e Sw fSt 

tts 

of:iiathach and Beinn Eighe; - ...... 

crouching ' athwart the In- proHena is : that the 

accessible Pinnacle on Skye, the quality food Michael Coaker 


only Munro -that requires pure 


produce 


tw he died the following year,. scurrying up BJaven one even- quite nappuy for expensive 

Twenty-eight »id Monro’s prize was taken by ing to see Skye’s entire CiiiHin gadgets, fashionable clothing 

Those readere who already the Reverend Archibald Robert- Ridge rising - majestically “d even education, we are 

know of tne Munros will at gou whose parish of Rannoch, through the ' (douds as dusk often reluctant to do so for 

once recognise our code. For niosp to Ben Nevis and Glencoe, arrived. the food we eat. 


developed into pneumonia, and rock-climbing techniques; . and expensive. While we fork out 


rfw«T.‘“ world i0 „ age wh ,„ ^ aasASJ'SiS rcrSLTS iLHiiSiTi 

^ a 'i^ I ' S y oun ser Zulus have lost touch Magqubu, who always accom | Mg t wee jj Player and Magqubu exce ^-^’Q^ height. There of bis travelling by bicycle and persisted in my belief -even after 
andfather and Magqubu s with the traditional knowledge, panies Player tells his tales. went to Brecon to visit the 316 111 an< ^ Sgritheal gpg n f io years at his task. climbing Sgritheall, our first 

ther would have fought to the Hence the arrival of Player For example, his tale of the Royal Regiment’ of Wales, to on £: ...... By 1939 only six -other outing during a fortnight’s 

sath in the Zulu Wars- Today and Maeaubu at the Wilderness Tree of Life, the Mpafa. All There is a cotene of walkms ^7 L .j tvi> nimnur in Rintsit 


grandfather and Magqubu's with the traditional knowledge, 
father would have fought to the Hence the arrival of Player 

death in the Zulu Wars. Today Mi Magqubu at the Wilderness taonSEVlW. 4 All SSOkS. 

the two men are far more than Congress in Denver as a team, animals feed from it but at Mavoubu’s StteT kSled four 

colleagues, more even than , „ . different levels. It has thorns n f tY,cT RmtTwX 

friends: they caU each other ^ Player and ^gqujm are ways — the Zulus °L 

teacher, brother, even father; ? W5ed .“ 1 HatM and still go out say y, at short thorn is the Sjfdi ^nd^MavI 
over 35 years they have learned lfft ° .tbe bush on foot acorn- always carry and the 

from each other. pany^ng small groups of visitors ^ ^° u e is m e way you are thSf 

Player first became an inter- to *e Umfolozi Reserve. For ^ ^ future. The giraffe SS a fwS-ht°in h ?hr l hattS ^uin 

national figure when he was fi 7 e you live in a camp, from the top and the por- ' s ’ h ? ^ battle Zulu 

running Natal’s game parks sleeping imder the stars aroimd qupmes below, where they eat • noinn*i nin 

and was famous for " saving ” the camp-fire, trekking into the the bark. c , After tbe Colonel and the old 

the White Rhino- Mag^J. ^h, _ lie.ening to .Megqohu's father died 3SX 


, was nve oays you me in a camp, feeds from «he top and the por- 
parks sleeping under the stars around _ inines below where they eat • * 


‘ After tbe Colonel and the old 
Zulu had lunched and ex- 


re mark ably youthful 87- stories of the animals and 


i i ^ was conveniently surrounded But still I thought I was When the hill arrives, the 
ffCSSSft ThJi by Munros. Robertson did most immune to the Munros’ caU. I , m you shneks and 

04 J** 8 travelling by bicycle and persisted in my bMlef even after J ou . str H^? e t t0 “attain sang- 

are 277 m all, ana Sgritheal gpg n f io years at his task. rMmMng Sgritheall, our first f roi d- Ridiculous! How could 

® n ®: . . . Bv 1939 onlv six -other outing during a fortnight’s ^ come to that much? 

nn??iiBi£n walkers had’ completed the full holiday this summer in KintaiL Twenty feet below you, men 

S?i , ?f%Sh W 5n round. But inthe 1970s, as Then, I succumbed. “d are beavering away 

^ t Sn?S- b tWe 27 L^SaS outdoor pursuits boomed the ^rtually within sight of our |° n temperatures toat would 

SdStiS wd wtal t** 1 * 1 * hafi now ***** ctm * Be was ^ 80,101 SS e a 

^ 15 d °^ a^asw-jysa 

l K> the manner of obsessions. If was S'? olftte SELfS S 

manavpHto r^ist itecalL As a remarkable range of records impossible to resist sotting outthe leaves of lambs 

my exchange with Danny indi- has been set The longest time We set off for tbe fost peak }^ SU S |’ i rf j ^ ce ’ 

cates; I might now have sue- taken for the complete round at the ungodly hour of 8 am and jjjj f 5S^f^n Coa S er 

cnmbetL is 57 years. UntilrecenUy the spent the entire day in a world ***>?* « under 


managed to resist its rail- As a remarkable range or records 
my exchange with Danny indi- has been set The longest time 
cates, I might now have sue- taken for the complete round 


-(£2 w^p^tSTtte M by tbe rrdoubfable jb.clo^ oometimeo,. dipping shout, «ir. He 


SkSSSoK luyer-bo has for many fcj||g % CS **~2HSF23& SSSILSSLTX “Ss 

s«pa et-tt SffCSFSs *3 mskk? SSSSS SSSaE=S 


to act as the medium through that it is necessary to honour father's soul— he asks it to - tOT vapouhn and Phiver rtiU had 248 peaks to go. achieved in wintei 

which Magqubu’s insight into the Wilderness as you would come home and the twig, as the the war was over ye ’ I The person who I and fellow- achieved in winter, 

the wisdom of the Zulus con- honour the Unconscious. You 5^ agrees. So he buys two ■ /’Anv readers triio are interes - 1 t - «•« *»*■“ 


the wisdom of the Zulus con- honour the Unconscious. You goui agrees. So he buys two * fAnv readers who are interest talkers can thank— or blame— 

cerning the relationship be- enter the Wilderness on foot— train tickets and, in the car- tfte wilderness Leader - for oor obsession is an engag- 

tween man and nature can be essentially without protection— riage, he lays the twig upon the tt™. School trails in Natal iner Victori an eccentric named 

communicated to the modern and are brought into contact seat beside him and talks to it contact the Gaia Form- 


aUVXQ y* 1 | n TTl. *i* f 1 * J Ql 111 rTr A ^ VT-ub _ » - ■ * ■ , _ , — — w — 

achieved in winter with the J* 101 Kven peaks under our free with its secrets. You want 
achieved in winter. bells- J* one day, my total had to know why the galette of 

It can also take a terrible been rf€Vated to a staggering 36. shredded potato turns out so 


m ta (fce Wiidernes , -T35- hold. Far &om being 2 "JSg» ” g- SJf *, * H ? J? 

ge, he lays the twig upon the %ip school trails in Natal ^ Victorian eccentric named when be completed his round, thp pistachios for' ? 

it beside him and tMfaf-to it s hmtld contact the Gaia Fotrn- SUr Hugh Mtmro. After a Hamish Brown went on to make ^ vistaehus* “ 

it won’t be lonely. If he went datum. ^WellW^KLonSn diverse and colourful life, m another seven. forward ^ 

I to a pub for a beer, he explains, Erwajr.n} ^ which he was variously a pro- Some when they finish go on Jjf 11 ?®- IP 8 ??? was on ^ n * 3 l£. e fJ feliow - 

he would buy two beers. ‘TCien 'V, . fessional soldier. King’s Mes- to ctimb the Corbetts, the 223 r avui £ _. pp t d S*** on ®. mo ™r _, So time you peer 

he brings it home, to a house JllleS LasniOro senger, private secretary to the peaks between 2,500 and 3,000 1118 the peak that b^ ^nd gasp, spare a 

^ would bring him level; two thought for the skill and labour 

"■ ,l “' " days later, when his back was S oes t?to producing the 


WARDROBE 

PROMOTE 

YOURSELF 

SEMINAR 

focusing on self-presentation 

SUNDAY 18th OCTOBER 

For more information 
call Joanna Binder 

01-629 7044 


White is right at T esco’s 


IN THE PAST few years Tesco 
has improved greatly its list of 
wines. A good selection can be 
found in • 130 of its “ super- 
stores,” although 300 branches 
are licensed- At a tasting 
recently of 73 of its wines, in- 
cluding fortified and sparkling, 
I, .sampled 40 table. wines and 
Tesco's own-brand champagne, 
which comes from the very 
large Epemay buyers’-own- 
brand firm of Marne et Cham- 
pagne. With a nice crisp nose 
and dry flavour, it is certainly 
competitive with other grocery- 
chain champagnes at £7.99. 

Of the low-priced wines, I 
preferred the whites to the 
reds. The Midis and RhOnes 



Sancerre 1986 (£6.90, 70 cl), keeping for a year or two, 
The Vacherons make one of the though drinkable now. 


Wine 


turned, 1 took n back.) IOUU — assuming you have eaten 

A map of the Munros now iSr If you have any 

hangs oh my wan, bearing 41 “2.Hr ts whether it’s ail worth- 
marker pins; guidebooks are f? down to the kitchens 

Sinead across my study floor; Fair HoteJ « ^d see 

writing commissions that will l *Ll, 0 jL e ‘ 
take me back to Scotland are Vn contact 

hoirw tnnoht Tha j. Jtuy Woot t, mop Foir Hotel , 


lough drinkable now. being sought The arithmetic is « wood. May Fair Hotel, 

best Sancerres, and this has a Rioja Gran . Rlserva 1978 daunting: 20 peaks a year X. t, 7 2£t ? n st » London W1A SAN. 

lively, crisp aroma, a fruity (£3.49). With- an oaky aroma, would take me 12 years, by Tele Phone: 01-629 7777. 

aroma, a fruity flavour and a very light colour and soft, long wUch Hr™. 1 will be 57. Peter Fnrt 

long taste. This too could bene- flavour, this is a mature 1 

fit from another six months from ■ the reliable firm of 
bottle-age. For Sancerre, one BerBerana. At -its peak for 
pays the price of its popularity, drinking . now, ' and very good 
Meursault, Francois Marten ot value. 

1984 (£1259). From the de Barbareseo NV (£4^5). From 
Villamont firm of Savigny, this the excellent Barbaresco co- 
faas 1 the authentic Meursault operative this te a tannic wine, 
bouquet and deep flavour, with a good deal of acidity, but 
Pricey, but very good for an also plenty of fruit Worth put- 
undei> valued white burgundy ting aside for a couple of years, 
year. Good value for a wine usually 

___ costing more. 

Tescb Claret N.V. (£2.35, 

70. Cl). . A blend of *85 and ff 1 55-f^SS*SS 


lacked much character, and the Agtenwnt, Vto de Savoie N.V. k?r haf an autiientir St JulIen shows how much 

Cahors (£2.39) was very green (£8459). Savoy wines are seldom better were the 1984 • H6docs 


I AMER 

I WEEKEN 

1 

ICAN 

IDS FROM 
99 

I Ask your Travel Agent or 

j ^ CONTI NENTALi 

rioguson (0293) 776979 1 

AIRLINES TOURS I 


pnee. But one mignc nave a barir Bordeaux aonpl . 7 1 ' 

expected more from Tesco’s Domain© Descoubes, Vln de flavour. Surprisingly drinkable 

own-label M6doc (£359) and St Cfites ^ Gascogne but ^ ** better - 

Emilion (£3.99) that lacked 1986 (£2.19, 70 cl). From the iS rj mnn< 1 

fruit and diaracter, though the Armagnac country, and though “ J ® tpSi J 11 ? MHHUKI 

claret (£2.35), mentioned below, a little sulphury on the nose. » SjSJ" ftmnin g.BfflWeH 

was relatively much better. fresh and full flavoured. A good *** a irttieseveragr. renomg ivutvm:u 


rm,nro are the wines that example of a dry white wine . n*»;*rr~r' 
ISi S^ne most, aH 75 cl from a Mtiierto depressed vine- cuirent drinking. 


agreeable 


le seventy, 

wine for 


MStoHeD.woQmanddBdi^. 

UMMniNhaMiBritwiuBuziBan. 

-jamriwwnaBK 

MMMmi-anp.a—roii • uwmw • wupam 


appealed to me most, al] 
con tent unless Indicated. 


yard district Excellent value. Bourgogne, Hantes Cfites de 
FouUly-Fumfi, Les Grlottes Nutts 1983 (£189). Very pale 
1986 (£5.29). Produced by coloured, agreeable light 


WHITE 1986 (£5.29). Produced by coloured, agreeable light 

ganvignon Blanc N.V. Michel Bailly, a well-known burgundy, with a touch of doss 
(£5.19—11 litre). A typical Bor- grower, this has a slightly nose- and easy to drink, 
deaux sauvignon, with assertive tickling bouquet and a typical, Cta&teaunenf-dn-Pape, Les 
nose and fruity flavour. An very dry, but still a little green Arnevab 1985 (£5.79). Typic- 
excellent party wine served in flavour. Good wine, but for ally strong fruity wine with 
cooL my taste needs more bottle-age- kits of flavour that will reward 


WINDFALLS? 

Turn wtodtefl and aurptoa 
truft Jttto Jtdco 

T S3SS!!SSaWSS’ 

ektor. Also ww. tank aid mam 
emogwe 


W-Four 


HUNTSMANS 

Hand Tailored Autumn Range 
of Ready-to-wear 
Mens doOdng now available 


j.- 


| Pf 

\ + 4 * 

Ml 




Ger 

Ci 


’•C:; 

’ I , 


— .. J. 








mm 


Financial Times Saturday September 19 1987 


WEEKEND FT XIX 


■>~:r .? *?; 

«rf4| 

? '■ wry jj. 

4 lLj}\M i 

r/.V-HP ft*’ 

' 

V. Hm>. 

•;.-** ?b£. 
“■• s - s,J &ia. 

■•■.'• :•■* £ -‘4s-. : 

-••i 

h. 

_; ‘-K ir, 
' ■ P5 

, -Ka. ss : 
' ■ 1 .. '■■: is: a 

■* ;;; _r 

’S-sVa 
-• ?■-! -.rfKs 

r- 

■/.. «»•— , »i, 

. ■;• .■ w-. 


:: 

^7:'- r 

:: Vr^iri- 


j lt? 


• Jz-Ji E? : 
•' • . “i- arf 

r 

i ■jr.r •* i T- ’ 
j'- icr y* 

'V'sKitf - 

- • -V f '*&! ! ■ 
•, ■’ ■ 

ii -*■. u 
-r-; -—' 7 . 


. ••. .% — # 

■ * ■ ‘"Ti; 

"V" -i’* 




z £ : P 


• ’ pcie* 1 








Sew 

nice, 

sew 

easy 


The children are back at 
school, the nights are drawing 
In and, before we have tine 
to draw breath. It will be 
Christmas, In popular 
mythology, this Is when the 
family gathers quietly round 
the hearthside gently pursuing 
its civilised pursuits. My lire 
seems to spin by as hectiety as 
ever but there are those by 
whom the autumn really does 
bring a quiet breather between 
the summer round and the 
endless quest for something Co 
please dear Aunt Dorothy. For 
them, a little needlework 
might be Just the thing. 

The cottage Industry of 
talented women supplying 
needlework seems to grow 
apace and this year the choice 
It larger than ever. The trend 
seems to be more nostalgic 
than ever, toot and if you r 
taste runs to soft cabbage 
roses, Victorian colourings or 
sentimental animals, then you 
will be wen pleased. Featured 
here are lust a few of toe best 
of this autumn's offerings. 



PUFFBALL ar bubble skirt (£49) and fitted jacket (£179) 
from die Jean-Paui Gaultier Courtelle Collection. The fabric 
for the puffball skirt was developed by Jenny Hughes from 
Trent Polytechnic — q nite unlike anything you will have seen 
before. It is semi-transparent with a raised abstract pattern. 
The fabrie for toe fitted jacket sports robber and metal as 
wen as Courtelle. Developed by Fiona Fitzpatrick from 
Huddersfield Polytechnic, it, like the skirt, comes in shades 
ef grey and rust only. . 


BOMBER JACKET made from a fabric developed by Zee 
Youngman from Winchester School of Art la nut and grey, the 
fabric has a complex textured effect and is much softer to wear 
than it looks. It » shows here worn with a tight skirt hi a fabric 
designed by Freddier Robbins from Middlesex Polytechnic 
(this fabric was not among toe whining designs but Gaultier 
liked tt enough to use to this collection. The bomber jacket 
is £269, toe skirt £49, and both are to be found exclusively 
In the Zone department of Harvey Nichols, Kidgbtsbridge. 


ONCE DUBBED the enfant 
terrible of French fashion, Jean- 
Paul Gaultier is fast turning 
into a distinguished grown-up. 
This week, ail those who have 
followed the output of this end* 
lessly fascinating designer (who 
else, after all, would put video 
screens into the floor of his 
boutique? Who else would pro- 
pose doublet and hose as appro- 
priate city wear? Who else 
would Chunk gf putting men into 
skirts?) will be able, for the 
first time, to buy authentic 
Gaultier designs at accessible 
prices. 

Downstairs In Harvey Nichols’ 
Zone department there is now. 
a complete capsule collection of 
Gaultier designs. To those 
accustomed to grand designers 
boasting of using ozfiy pure this 
or natural the other, it may 
come as something of a surprise 
to find that all the garments 
in the collection are. made from 
Courtauld’s Courtelle: 

Needless to say, this didn't 
come about by accident' Gaul- 
tier himself has long used a 
wide range of fabrics, rod he 
has always been intrigued by 
the design possibilities' that 
modern artificial fibres have to 
offer. Who better then to join 
hands with Courtelle, -working 
as a special guest designer to 
help textile and fashion stu- 
dents develop some . exciting 
new fabric designs? 

So when you look at the 
clothes, look closely at the 
fabrics, too. An are highly inno- 
vative, all are award-winning 
designs, and all are toe work 
of students currently at British 
design colleges. -Gaultier and 
the student, who . designed the 
fabric he uses share the glory 
on the swing tickets. The 
prices for all this glamour. and 
innovation seem exceedingly 


good to me. 

IE you have long nurtured a 
desire to meet toe man himself, 
now is your chance: Jean-Paul 
Gaultier will be in the Zone 
department of Harvey Nichols 
on Tuesday, September 29. 
between 22 pm and 190 pm, 
when be will introduce the 
collection; be wtU be happy to 
talk to members of toe public; 
Those interested to see just 
what the Gaultier designs look 
like mi real live people will be 
able to take a good look at them 
on toe models who will be wear- 
ing and presenting the new 
collection. 

It’s worth noting, at toe same 
time; that the winning capsule 
collection designs by students; 
in the Courtelle Design Awards 
scheme (as distinct from the 
Fabrics Award Scheme), are 
going into toe shops now, too. 

Under this scheme st u de n ts 
at fashion colleges work 
closely with retailers - end 
wholesale groups to develop 
Capsule collections of clothes 
which, unlike the winners of 
many other design competitions; 
actually end up in the shops, 
where they face the sternest 
test of aU—whether or not they 
sell. 

- This year more high street 
retailers thro ever have joined 
the scheme. You can find toe 
results of this triangular rela- 
tionship (Courtelle, student, 
and retailer/wholesaler) in out- 
lets as varied as Principles 
(a particularly elegant- and 
' wearable collection from Wil- 
liam Chan) rod Martas & 
Spencer. There is some -charm- 
ing' prettiness from Bridget 
Bukne for Hermes, and some 
jolly stripey knitwear from 
Patricia WinskeH for Jeffrey 
Rogers. 

L.V.&P. 



The General Trading 
Company 

A note for your Filofax . . . GTC will now stay 
open every Wednesday until 7.00 pm. 

Our Christmas Catalogue is now available, £1.00 
refundable against orders over £10.00 

144 Soane Street, London, SWIX 9BL. 
Telephone 01-73 0 0411 * 




Alvt Harp* 

THE VICTORIANS had the 
right idea about pets — they 
liked them quiet, docile and 
inanimate. They loved them in 
pictures, in wood, on tapestries, 
and there seems a sudden spate 
of modern companies deter- 
mined to give us modern ver- 
sions of these Victorian fancies. 

Here, from Gkmfiiia, is just 
one of what it calls “Perfect 
Pets “—animals strictly for 
indoors. Put them on a chair, on 
a bed, by a fire, use them as a 
doorstep or a firescreen. 

Perfect Pets include a 19 Into 


THE RE si&EMS almost no end 
to the desire of readers to 
stitch their own cushions, 
samplers, rugs and pictures. 
Last year we asked Kaffe 
Fassett and Hugh Ehrman to 
produce a design for a stitch- 
yoor-own rug based on the 
traditional colours and patterns 
of the keliro. It was a great 
success with readers bat it bad 
one drawback — it was a little 
on toe small side. 

This year, we again asked 
ETirman and his team to pro- 
duce a design specially for FT 
readers, but this time with the 
aura and charm of the Victorian 
needlepoint rug. Its great 
additional feature is that it Is 
infinitely flexible based on 15 


King Charles spaniel (£34.95), 
a marmalade cat (16$ intoes by 
11 inches, £29.95), a tapdog 
(£3495), two decoy ducks 
(£2995 each) and the haughty 
black-and-white cat (£3495). 
pictured left All come in com- 
plete kit form — a 10-hole canvas 
handprinted In full colour, wool, 
cotton, needles, backing fabric 
rod even ribbon where appro- 
priate. 

For full details or toe kits 
themselves write to Glorafilia, 
The Old Mill House, The Ridge- 
way, Mill Hill Village. London 
NW7 (telephone 01-906 0212). 


THE- CRAZE- for Victorians 
goes on and on and not surpris- 
ingly supplies of tiie genuine 
article have begun to dry up. 
If you have searched the 
antique shops in vain for those 
authentic Victorian needlework 
pictures, you need look no more 
— you can make your own. 

Elizabeth Bradley has long 
been a dealer and collector of 
antique needlework and, seeing 
that the unending demand for 
19th century animal Berlin 
woolwork pictures could never 
be met, she decided, like all 
good entippreneurs, to fill the 
gap. She set about designing 
kits that retained all the 
qualities of the originals. 

There are 12 different animal 
kits, each taken from original 
Victorian patterns like the one 
photograohed right, which 
shows Queen Victoria’s pet 
spaniel. Dash. To give the 
authentic patina of age, all the 
wools in the kit have been 
chosen in faded colours so that 
the end-result should look as 



DESIGNED TO SELL 


IF YOU have always thought 
that design competitions sound 
fine and dandy in theory, but 
are a little remote from you and 
me in practice, here’s one that 
is a little different The results 
of this year’s Courtelle Design 
Awards competition are going 
into High Street shops all this 
month, rod anybody interested 
in seeing just what our 
talented fashion students can 
produce can go out and buy 
their designs here and now. 

From Marks Sc Spencer 


(Where some interesting knitt 
wear for men is on offer) to 
Connections, Mothercare, 
Hermes and Principles, a whole 
clutch of innovative designs 
are on sale. Perhaps the most 
wearable and elegant of them 
in the fluid Courtelle “jersey" 
dress (above) by William Qian 
from Harrow College of Higher 
Education, which is on sale in 
main branches of Principles, 
Available in sizes 10, 12 and 14, 
in praline (or, more prosaically, 
toffee colour) and graphite, it 
sells for just £4599. 


BUT C HER Y HAS long been 
one of my favourite suppliers 
of needlework kite— there is a 
small, carefully edited selection 
of designs, all of which 
specialise in a sweet old- 
fashioned charm. The range 
has expanded since I last wrote 
about them and there are now 
three samplers, all based on 
traditional themes (Appletree 
Sampler, The Herb Garden and 
The Country House) and all 
in those soft faded colours that 
look just right They range in 
price from £22 for The Country 
House Sampler to £19.95 for 
The Herb Garden. 

Stitchery also has one of the 
prettiest of «m»M samplers 
(pictured above) to commemo- 
rate the birth of a child. The 
background comes in pink or 
blue and it costs just £8, and 
I can hardly think of a nicer 
present for a new mother. 

If you’d Uke to get your 
children stitching, Stitchery 


has just Introduced a senes 
of children’s kits. 

They use polished canvas 
with quite large stitches (the 
canvas has 14 boles to the inch) 
and the starting series — a pig, 
cow, cockerel and a sheep — 
could all be framed to make 
attractive nursery pictures. The 
complete kits are £4.95 each. 

For a full colour brochure 
and/or the kits themselves 
write to Stitchery, Little Lodge, 
Watts Road , Thames Ditton, 
Surrey KT7 0BX. 

From this Monday to October 
3. Stitchery will be having an 
eriiihi tinn of its kits, in com- 
pleted form, in Liberty’s 
Needlework Department and, 
of course, there will be a chance 
to buy the lots themselves 
there. In addition, it is a good 
opportunity to ask for any 
advice if you are not an 
experienced stitcher, as some- 
body from Stitchery will be 
there every day of the 
exhibition. 


inch squares as it is you can 
sew as many or as few as you 
like. 1 would suggest a mini- 
mum of 12 — that is, three 
squares wide and four squares 
long which would give you a 
rug 45 intoes wide and 60 
inches long. The really 
energetic, or those with fast 
fingers, can make the rug as 
big as they like. 

If you buy five kits or less 
the cost is £1495 each, but if 
you order six or seven the price 
falls to £11.50. For eight or 
more, the price goes down even 
further to £9.95 a square. 

The colours are dark and rich 
with a black background rod 
flowers in glowing red, green 
and yellow. They are worked on 
seven mesh canvas and the 


close to original 19th century 
examples as possible. 

Each kit makes up into a. 
16 Inch square, which can be 
framed and used as a picture or 
turned into a cushion, stool or 
eh air. If you have the time 
and energy to make up 
several, you can. join them 
together to make a rug. 

In Victorian times, when the 
art of needlework was at its 
height, every woman could work 
from a chart rod count tot 
threads to make up toe pattern. 
These days, when such skills 
are less widely known, many 
of us mi tot prefer to work on 
a printed design Elizabeth 


Jamas Fergvsod 

stitch should be cross-stitch. The 
kits contain all the yarn needed 
— Rowan Persian yarn, 100 per 
cent wooL is used — as well as 
toe printed canvas, needle and 
all instructions. 

If you don’t fancy doing a 
whole rug, you can use a single 
square to make just one cushion. 
Order the size of kit you think 
you can cope with from Ehrman, 
21/22 Vicarage Gate, London 
W8. 

If you are interested in a 
wide range of stitching ideas, 
Ehxman’s latest tapestry and 
knitting catalogue is his fattest 
and best yet — lots of glorious 
ideas from old-fashioned 
cabbage rose footstools to 
cushions galore. Again, write to 
the address above. - 


Bradley supplies both. The 
stitch used is a plain cross one. 

Each of the first two animate 
(Dash and a plump cat on 
tasselled cushions) can be 
worked against a different back- 
ground- colour which changes 
the character of toe finished 
work enormously. Choose from 
black, green, red, yellow, dark 
blue or pale blue. Each kit 
costs £2990 (p+p in the UK 
£190, overseas £5) and you can 
buy them directly from Eliza- 
beth Bradley Designs, PO Box 
1, Beaumaris, Anglesey, North 
Wales, LL58 8RP. You can also 
find them at Liberty or the 
Royal School of Needlework. 













XX WEEKEND FT 



BOOKS 


David Lascelles on options 


in Threadneedle Street 


Taking 

account 


PORTRAIT OF AN OLD 
LADY: TURMOIL AT THE 
BANK OF ENGLAND 
by Stephen Fay. Viking. 
£10.95. 208 pages 


A WICKED joke is told of Mr 
Robin Leigh-Pemberton, the 
Governor of the Bank of 
England in this portrait of the 
institution he runs. An official 
comes into his office and says: 
“ Base rates have changed." The 
Governor asks: "Which way?” 


Unfair though it doubtless is 
on a Governor who may not 
have been a hugely popular 
choice but who has had .a 
tougher tune than many of his 
predecessors, it nevertheless 
sums up a lot about the Bank 
today. 

Its mystique has evaporated, 
its esteem is on the decline 
and even its authority now has 
to be buttressed by statute 
where previously it operated 
with a glance and a quiet word. 
The subtitle which Mr Fay has 
chosen for bis book "Turmoil at 
the Bank of England " may 
strike even its harsher critics as 
an exaggeration, but this is an 
excellent time to be reassessing 
the Bank. 

What after all, as Mr Fay 
asks, is a central bank /or? If 
it is really to protect the cur- 
rency, as it claims, then the 
Bank's dismal record in this 
regard should have led to its 
abolition long ago. But the 
Bank of England has always 


had a "special role* 1 to play, 
though quite what it is, few 
people can precisely say. Mr 
Fay has a good by. 

The virtue of this book is that 
it does not waste many pages 
retelling the Bank’s rather 
hackneyed history. Even Mon- 
tagu Norman, the greatest 
Governor of this century, gets 
short shrift. Instead Mr Fay 
concentrates on the last three 
governors — O’Brien, Richardson 
and Leigh-Pemberton — ail of 
whom are familiar as living 
creatures rather than oil paint- 
ings. and who are most relevant 
to the bank’s changing role. 

O’Brien, who is dubbed “the 
last of the gentlemen,” clearly 
emerges as the last heir to the 
Bank's great traditions of 
“effortless superiority" when 
the City was one big clnb. But 
be set change in motion with 
Competition and Credit Control 
in the early 1970s which hacked 
away the cartelism that was 
stifling the UK financial system. 

By the time Richardson (the 
"elegant meritocrat") came on 
the scene in 1973, CCC bad 
helped plunge Britain into the 
secondary banking crisis. And 
though Richardson’s severe 
mien and straight talk conveyed 
a sense of strength, his term 
will best be remembered for 
the Lifeboat, monetary crises 
and confrontation between the 
Bank and the government. 

So when Leigh-Pemberton 
took office in 1983, the Bank’s 
had already lost a lot of the 
moral authority which made it 


Bank of England and employee: a new book, oat on Monday, speculates on what the future holds 


effective as a guardian of City 
affairs and as a go-between for 
the City and WhitehalL Its 
fragile independence was in 
question, and its fallibility evi- 
dent But the process was 
hastened by the appointment of 
what many people saw as an 
unsuitable Governor, and cata- 
clysmic events like the Johnson 
Matthey Bankers affair and the 
Big Bang. “The Bank’s 
mystique,” writes Fay, 
"crumbled like some ancient 
artefact suddenly exposed to air 
and light.” 

One always has to be a little 
careful when criticising the 
Bank. There is a strong tempta- 
tion to relish the sight of this 
seemingly self-important insti- 
tution being humbled, and much 
of the storm over JMB was 
fuelled by the delight of the 
bank’s enemies rather than any 


real concern about the rescue. 
In fact, there is much less 
arrogance within the R»n> than 
many people imagine; there is 
even a touching sense of 
vulnerability. A nd for the 
record, the total cost to the 
Bank of mopping up JMB was 
£ 20 m, not the “hundreds of 
millions" widely reported. 

But JMB was, by any 
measures, a disaster not just 
because of the Bank’s negli- 
gence, but for tile messy after- 
math and the refusal of the 
Governor to restore faith In the 
Bank by being seen to discipline 
the culprits. Unfortunately Mr 
Fay connives in this cover-up: 
he knows who the nffiriai 
responsible for JMB was (it was 
a woman) but he agreed with 
the Bank, not to name her. 

Generally, though, Mr Fay 


gives an unflattering portrait of 
the Old Lady and reveals her in 
her new nakedness. To be fair 
to the Bank, he could have 
given her greater credit for that 
other great event in the City, 
the Big Bang. The was 
the stage manager for this 
financial spectacular, and with 
considerable success. 


Its officials did a lot of the 
intellectual preparation and 
encouraged the new alliances 
between banks and stock 
exchange firms. The fact that 
a year later there have been no 
major casualties reflects well 
on Threadneedle Street 
The irony, though, is that Big 
Bang wifi itself hasten the 
Bank’s decline. In the new 
marketplace — open, vigorous 
and intensely competitive as U 
Is — there is no place for a 


THE PLAYMAKER 
by Thomas Keneally. 

Hodder and Stoughton, £10.95. 
310 pages 


THE OTHER GARDEN 
by Francis Wyndham. 
Cape, £9.95. 106 pages. 


DAVY CHADWICK 
by James Buchan. 
Hamish H amil ton, £9.95. 
145 pages 


Fiction 


TRUST ME 
by John Updike. 

Andrd Deutsch, £9.95. 249 pages 


THE HOUSE OF 
HOSPITALITIES 
by Emma Tennant. 
Viking, £10.95. 184 pages 


Stage frights 


TWO HUNDRED years ago 
almost exactly, a camp of tents 
and huts round a cove is estab- 
lishing British ways — floggings, 
hangings, monogamy of a sort. 


agriculture, dinner parties and 
even amateur dramatics — at 
the other end of the world, an 
unexplored and still unnamed 
land peopled by its ab origine 


Major new titles in economics from 
Harwood Academic Publishers 


natives. Naval officers, with 
marines to cany out their 
orders, organise the future of 
the petty thieves transported 
there, after a year-long voyage 
that has left most of the sur- 
viving women with a child or 
pregnant Named after a “ Lon- 
, don political jobber,” the Home 
Secretary Tommy Townshend, 
recently ennobled as -Viscount 
Sydney, it already has " the 
flavour of British, factional poli- 
tics.” 


Australia alive. Hindsig ht and 
the rumblings of history (the 
French Revolution, after all, 
was about to blow up the 
modern world, or at least to 
start the series of explosions 
tint did so), give pathos and 
excitement to what happens; but 
it is Keneally’s sense of the 
human heart that makes it 
matter. 


The Other Garden has a 


Two volumes in the 

Fundamentals of Fun and Applied Economics 


The Empirical Evidence on the Efficiency of Forward 
and Futures Foreign Exdiange Markets 
by Robert). Hodrkk; Northwestern University, USA 


Written fear profesakwab in international flnancty this bod: provides 
acdticalexaminaiianandzeviewQfquaiitttativeineasuiesafxiakand 
expected return in international finance. After a d j nraiKtirm of a 
general rational ejqjectatioos asset pricing model, Hodrick conndexs 
ihe development and implementation of econometric test# of various 
hypotheses that have been offered as c an d id a te d tig a cterizafinn s of 
«rffk4i»Ti cy fa foreign exAmgeinaitaih. He shows that models which 
ignore the role of tide are rejected by the data, and e x amin es 
alternative models of risk premiums. 

October 1987 184pp. 
softcover 3-7I86-M154 $37.00 
SAS member price: SISflO* 


TheCorporaticmiGxowflLDiveTslficarifmbndMergcis 
by Dennis C. Mo dies; University of Maryland^ USA 


This timely volume describes the process by which modem 
corporations have grown to reach such unprecedented sizes, and 


Mueller traces the development of a representative carparatkm from 
birth to maturity, and pays particular at tention to the rel ati o nsh ip 
between the product life cyde and the development of the 
corporation. He Shows tbmffiellteiahire on the returns on Inv es tme nt 
contains considerable evidence that large; mature corporations earn 
marginal rates of return substantially below market rates of interest; 
and that dlvecsificaticn is not always effldent in securing growth, hi 
addition, he examines the eff e cts of mergers on con centr ation and 
economic performance. The book concludes by contrasting corporate 
growth in Japan with that mother Western countries, and by offering 
possible scenarios for the evolution of corpora t e ca pit a l is m in the 
West 

April 1987 1I0pp. 

softcover 3-7186-0357-8 $2440 

SAS member price: $9.00* 


Even so far from home, per- 
haps particularly because so far 
from home, the monarch’s 
birthday is celebrated as it still 
is among expatriates, and for 
poor mad George IITs birthday 
The Recruiting Officer by 
George Farquhar Is to be 
staged. The playmaker of the 
title is Ralph Clark. Thomas 
Keneally likes to make fiction 
from feet (cf Schindler’s Ark), 
and, like aU the cast, dark was 
a real man whose later fortunes 
we follow in a final modern 
chapter. Briskly the narrative 
covers weeks of rehearsal and 
the technicalities of stage pro- 
duction while, behind it, the 
transported London under- 
world, a thieves kitchen almost 
as coherent and powerful as 
the Mafia, the spectral world 
of the natives, and the emo- 
tional life of the supposedly 
free officers enslaved to the 
supposed slaves (the lag- 
women), carry on parallel to it 

Very powerfully it gets in- 
side this society, part primitive, 
part spoiled, of Europeans in 
i a wilderness, the play encapsu- 
lating their sophistication in its 
costumes and make-up, daily 
life, with its floggings and hang- 
ings, their brutality. The play- 
maker is torn between his love 
for Betsey Alicia, his wife at 
home, and the possibility of 
having a new consort and home 
in this totally alien world. The 
two do not connect; the breach 
seems absolute. 

This punchy, highly Intelli- 
gent novel brings early 


strong moral sense, summed up 
in the last paragraph. “ I 


in the last paragraph. “ I 
romantically swore a loyal 
oath,” the narrator says, “that 
... I would eschew ambition 
for worldly success and avoid 
the wielders of influence *pd 
power, choosing my friends 
among the innocently uncom- 
petitive.” The story dramatises 
this view. A novella, rich, 
observant and shrewd, it has 
the cheering belief, shown 
already in Francis Wyndham’s 
short stories, that people do not 
have to be paired off by age, 
sex, class and suitability, but 
can find those they love 
randomly, out of context. 

John Updike’s short stories 
In Trust Me are so uniformly 
good they become monotonous, 
almost indistinguishable. They 
are marvellously skillful, you 
cannot fault them for observa- 
tion, style, even interest, none 
fells in quality below the rest. 
So they run Into one another 
and become observations of his 
particular society — the well- 
heeled professional classes of 
upper-middle America with 
their pets and children, their 
houses and apartments and 
sports and holidays, their small 
religious and ethnic differences, 
their almost expected surprises 
(adulteries, mostly), and a 
curious interchangeability that 
suggests social cloning, the 
impossibility of not being 
fashioned by background, of 
not using the same language as 
everyone else. The milieu is the 
message, in other words. 

Readability, nonetheless, is 
remarkable, observation so 



Thomas Keneally: back down under 


sharp you see. touch, taste, 
even react as they do. But 
mildly. Updike seems un- 
interested in the heights and 
depths, the horrors or ecstasies 
of passion. Work; which feeds 
the social life, pays for the 
country retreats and tennis 
courts, is scarcely glanced at 


one that rings true. At once 
fascinating and irritating, it is 
a short book that seems likely 
to linger in the memory, full 
of presence and, again, of 
humanity. 


Davy Chadwick has three 
narrators, and starts brilliantly. 
Davy Is a small boy in Italy, 
the son of English parents in 
a villa decorated on the outside 
with fascist symbols — trains, 
aircraft, marching workers. 
There are mysteries and sur- 
prises, contradictions between 
narratives, too compressed a 
format at times for clarity. Why 
did Davy's parents marry in the 
first place? And where, in the 
secood, did he come from? 
Incest is now rearing its once 
unmentionable head in fiction 
as in fact 


Finally, who kidnaps him and 
vandalises the villa? Neigh- 
bours, friends, Italian or not, 
come crowding In, fitting no 
pattern, haphazard results of 
unexplained lives; all suspect, 
possible traitors, even relations. 
Sentences are short, staccato, 
often unexplained. But an in- 
tegrity of love (between 
mother and child) comes out 
of it, with no neat ending but 


Financial Times Saturday SepternberJSjm 




A. L. Dowse on a small land’s 


domestic vision of life 


Dutch uncles 


THE EMBARRASSMENT OF 

RICHES; 

AN interpretation OF 
DUTCH CULTURE IN 
THE GOLDEN AGE 

by Sinwin Schama. Collins. 
£19.95. 698 pages 


nanny or moral tutor, or how- 
ever you define the Bank’s pas* 
“ role.” The new Banking Act 
has g iv en the Bank extra statu- 
tory powers but that only 
makes it mare like & depart- 
ment of Whitehall. Whether 
the Bank preserves any 
influence over monetary policy 
depends on personalities but 
wider th is government at least 
it has begun to look like a 
transmission belt for the 
Treasury. 

Tins is an absorbing and 
colourful book which should 
satisfy both those who want to 
learn about the workings of the 
Bank (there is a particularly 
good section on how banknotes 
are made and destroyed) and. 
those who want to form a judg- 
ment about one of our more 
pmtnyTft institutions. 


OF ALL the European peoples 
the achievement of ihe Dutch 
has been the most remarkable, 
when one considers the small- 
ness of the country. Its popula- 
tion and resources. In history 
size is not everything: cultural 
creativeness is often greater 
in smaller, more concentrated 
areas. This, however, is not the 
subject of Mr Schama's rich, 
over-generous book. He is not 
concerned with language or 
poetry, theatre or music, nor 
with history and literature — the 
cultural heights. His subject is 
the household culture of the 
Dutch. 

To illustrate this be makes 
admirable use of Dutch paint- 
ing. As an historian Mr Schama 
has exceptional visual sense — 
he is padtfculariy good on Jan 
Steen. Here again it is not the 
men of outstanding genius who 
concern him, but more homely 
painters like Peter de Hooch 
and Nicholas Maes. This is 
doubly appropriate, for most 
foreigners derive their impres- 
sions of Dutch life from 

pufnting g. 

One epic of Dutch achieve- 
ment is the continual struggle 
against the sea, pushing for- 
ward these frontiers, creating 
land through the polders. (X 
often think that the Dutch 
would never tolerate the Wash: 
they would turn it into an addi- 
tional county!) The second epic 
was tiie prolonged struggles 
with the overmighty powers of 
p.hftip Ws Spain mid Louis 
XIV*s France. It was in the 
course of struggle against odds 
that the Dutch generated their 

tn nghttM B— thoug h Mr S riiama 

does not use the word— and that 
a new nation came Into exist- 


ence or, rather, created itself. 

By the same token, a remark- 
able sense of community,, was 
consolidated of diverse elements 

dominant among them free 

farmers, and in ®be towns mer- 
chant capitalists. Mr S chama 
draws onr attention to the way 
all sorts and conditions skated 
together in the p ainting s. Hard 
work, along with hearty enjoy- 
ment and a man ia to r cleanli- 
ness are characteristic and no 
less visible: activity is a key- 
note, as against southern cul- 
tures. 

Result: the Dutch enjoyed a 
higher standard of living: “the 
Republic ■ was an isLandaf 
plenty in an ocean of want.” 
Along with greater freedom and 
toleration, better treatment of 
women, etc, there really was 
more to eat. We learn that 
Dutch kitchens were more . 
lavishly equipped, though we 
might have guessed as much 
from the paintings. 

Dutch culture was more 
demotic — there was no “aris- 
tocracy of manners”; one cannot 
avoid characterising it as bour- 
geois. This aroused the scorn 
of pomposities like Louts XIV 
(Dutch William of Orange gave 
him his comeuppance), ex- 
pressed by the French in: 

Amsterdam, quoiqu’ on la tone 

E st fake de merde et de bone. 
It smelt to high heaven— so did 
Versailles. 

The historical problem is how 
the nation came to create itself. 
Mr Schama does not solve this 
for us; I cannot but think that 
language is a fundamental 
factor. He does not deal with 
th<« , and it is missing from his 
index. Perhaps in his next book 
be will add to our debt by 
ftwUg h tening us— - maybe on the 
lines of Burchfield’s brilliant 
short book on the English lan- 
guage, so close the Dutch. 

Quite apart from its intrinsic 
merits, Mr Schama's book has 
a wealth of wonderful illustra- 
tions. It is a marvel of produc- 
tion at the price. 


Whip’s eye 


CHANGING BATTLEFIELDS: 
THE CHALLENGE TO THE 
LABOUR PARTY 
by John SiTWn. Hamish 
Hamilton, £13L95. 226 pages 


Not so Emma Tennant’s The 
House of Hospitalities, which 
starts with a bang hut 
whimpers the rest of its way, 
having two-dimensional people 
who are vivid but flat. Jenny, 
like tiie others at her middle- 
class London day school is an 
love with exotic Amy, who 
comes from the starry heights 
of the aristocracy. Well, not 
entirely— there’s recent brass 
as well as ancient blood— but 
it all adds up to a stately borne 
In Wiltshire that has the 
impact, on Jenny, of Brides- 
bead Castle on Charles Ryder. 
All stunned admiration, she is 
vilely treated by Amy’s loath e- 
some family and packed off 
home when they’re bored with 
her after a day. 

At first, the contrast between 
tiie ridiculous Loves combes 
and the rest of the world is 
amusing; even their outrageous- 
ness is fanny now and then, 
rather in the way that Farve’s 
was in The Pursuit of Love. 
But a tittle goes a long way. 


UNUSUALLY^ PERHAPS, for a 
Chief Whip, trained as a lawyer, 
John SiUan, who died suddenly 
in April 1987, believed above all 
in tolerance and radiated the 
milk of human kindn e ss. He 
achieved success by common 
consent both as Government 
Chief Whip and later Minister 
of Agriculture. As the former, 
the worst his critics could say 
about him was that he was too 
easy going, and as the latter 
that he was too vigorous in 
defending British interests 
against the crazy CAP — one 
Foreign Office lady said charae- 
teristicaly that this made her 
" ashamed to be English.” 


adventures did immense elec- 
toral harm to the Labour Party, 
which would have been even 
worse if SilWn’s candidature for 
the Deputy Leadership in 1981 
had not, as he thinks, pre- 
vented Benn’s election. David 
Owen fae describes . as “ one 
of the most inept Foreign Secre- 
taries Britain has ever known. ” 
Otherwise superlatives are 
avoided. 


This book; he claims, is 
neither gossip nor history. 
Fortunately that does not 
inhibit him from either 
anecdote or indiscretion. For 
instance, having declared that 
" a good Chief Whip never for- 
gets, and a good Chief' Whip 
never tells,” he does tell us on 
tiie same page that “When 
Edward Short became Chief 
Whip in 1964 he discovered at 
12 Downing Street a book that 
Conservative Chief Whips had 
kept during 13 years of Govern- 
ment. Familiarly known as the 
| dirt book,' it contained 
information on Mawdain affect- 
ing MP*s. Edward Short’s first 
act as Chief Whip was to burn 
it” 


In recounting recent Labour 
Party history, John Silkin 
traces the exploits of various 
groups, cliques and factions 
which otherwise might have 
sunk into well-deserved 
oblivion. But the book in the 
main consists of personal reflec- 
tions on major issues based on 
a lifetime's experience. From 
these Silkin himself emerges as 
first and foremost a believer 
in tire spirit as wefl as tiie letter 
of B ritis h democracy. He has 
no sympathy with authori- 
tarianism, Marxist, dogmatism 
or such too-clever conspiracies 
as “ entry ism. ” He remains a 
whole-hearted Atlanticist and 
supporter of Nato and of an 
eventually much strengthened 
United Nations. Joining tiie 
EEC he regards as a "panic 
reaction ” from which the 
British economy “has suffered 
greatly. ” He also strongly 
favours the “ one-man, one- 
rote ” principle for Labour 
Party elections and re-selec- 
tions, and would expect this to 
undo much of the electoral 
damage caused by the 1981 
Ranges in the Party’s constitu- 
tion. 


Isabel Quigly 


Even the milk of h uman 
kindness, if severely tried, can 
occasionally turn sour. And 
John Silkin, when confronted 
by Tony Bonn, has difficulty in 
restraining las language. He 
plainly believes that Benn’s 


This book will not cure Ihe 
Labour Party’s — any more 
man the nation’s — troubles, 
ait the more John . Silkin ’s 
philosophy of tolerance pre- 
vails, the more likely will the 

elSoi! * bIe 10 ** fatare 


Douglas Jay 


A critical examination and reoieto of international trading 


Time for verse 


Traders and Merchants 

Panorama of International Commodity Trading 


by PhIHppe C h a bwin , C ons er vato ire Nati on al des Arts etMfitos, 

Paris, France 

Translated tom die Reach by Erica LonjjWichalke 


FACADE by Edith Sitwell 
edited with an Interpretation 
by Pamela Hunter. Duckworth 
£9.95, 108 pages. 


Around twenty transnational firms control tntemaHonal commodity 
trade. Numerous myths about their influence; power and their 
various involvements, deals and co mp romises smrounds these Brzns. 

In this unique book, Philippe Chahnin, founder andco-dtradnr of die 
Center for Research cn Commodity Markets in one of France's oldest 
and mc« respected academic institutions, provides* dear, sharp and 
detailed analysis of these firms, their environment and behavior. Of 
interest to anyone involved in die trade; economists in business and 
students of political science; development studies and economics. 
Available September 1987 approx. 380pp.. 
hardcover 3-7186-0435-3 tentative price: S6EL00 
SAS member price: 524.00 


“The Science and Arts Society (SAS) is a bodedub for Individuals 
allowing the m to bu y books at greatly reduced prices. To join SAS 
please contact STBS, . w 


RAPID ORDER 
Phone through your credit 


STBS, P.O. Box 197, London Phone through your credit 
WC2E 9PX {(Sstrfcutors for cad orders to: 

Harwood Academic Publishers) STBS HOTUNEOI -379 5235 


Monday - Friday 9.30 to 5D0 


THOSE WHO dislike Edith 
Sitwell's manner of writing 
poetry will dislike this volume 
with particular intensity. It 
not only Includes 21 of the 
Facade poems as performed to 
W illiam Walton’s music, but 

for every poem there is a 
" visual impression ” printed 
immediately afterwards which 
is a picture or a scene written 
by Pamela Hunter and inspired 
by the poem. She explains that 
“ while remaining essentially 
abstract like the poems [it] 
draws its setting and characters 
from the biographical allusions 
inherent in each poem." Thus 
“Hornpipe," the poem opens: 
Sailors come 
To the Drum 
Out of Babylon; 

Hobbyhorses 

Foam, the dumb 

Sky rhinocerous-glum . . . 

Ms Hunter expands: “There 
is a slight creaking as the old 
horse rocks to and fro, the 


safety in its worn rough mane 
and familiar long neck ohscur- 
ing a direct view to the centre 
of the darkening room.” This is 
straightforward stuff. However 
on occasions she allows herself 
to be carried away to something 
nearer poetry: "Not yet dawn. 
Still Dark. Silent Strong moon- 
light outlines the house. Grey, 
Black. Silver.” This is a reflec- 
tion on "Four in the Morning" 
which has a rollicking opening: 
Cried the navy-blue ghost 
Of Ur Belaker 
The allegro negro cocktail 
shaker. 

The disparity here points up 
one of Edith Sitwell’s strengths 
as a wordsmith and, incident- 
ally, Ms Hunter’s weakness. 
While Sitwell’s poetry may be 
as her critics tend to assume, 
nonsense, it is always witty, 
funny, amusing nonsense with 
far less pretension about it 
than her reputation ever al- 
lowed. Ms Hunter, on the other 
hand, is looking for a serious 
intent and determined to reflect 
that, and that alone, in her own 
creative effects. 

Probably this is a trap Into 
which most admiring editors 
fall. For the third line through 


this book is MS Hunter's criti- 
cal explanations of the sources 
for each poem as drawn from 
a knowledge of the Sitwells 
family life and from the 
writings of Edith, Osbert and 
Sacheverell Sitwell. Sbe does a 
thorough job and seems likely 
to be right, or at least sot 
necessarily wrong about most 
things. For example we are in- 
formed that "haycocks have a 
phallic sense," and that the Sit- 
well gardener chose the 
strongest tree at Renishaw to 
provide the wood tor his coffin. 

But all the interesting back- 
ground in the world will not 
obscure the essentially sonic 
nature of the poetry. It sounds 
terrific, it reads aloud, as it was 
mean to do with jolly panache. 
Nevertheless it is no surprise 
that Facade is generally thought 
of as music with words rather 
than vice versa. On the other 
hand, since most people listen 
to. a record of Facade and miss 
many of the words, some readers 
may feel inspired to the 
pleasure of a bit of self- 
declamation. ** Popular song ” 
would be a winner at any party. 

The poems' are illustrated 
with bounding figures by the 



Gentle gallops 


HOT MONET 
by DlCk Francis. 

Michael Joseph. £10.95, 22 pages 





RIDING HIGH 
by John Francome nn i 

MacGregor. Macdonald. 
205 pages 


Edith Sitwell-* rebel with 

a cause 


17th century Commedia dell 
’Arte engraver Jaqoes Callot 
which Sacheverell compared 
to “the vein of fantasy” in his 
sister’s poetry. Facade was first 
performed publically in 1923 
and the English audience were 
as unimpressed by fantasy then 
as they are now. Perhaps in this 
centenary year of her birth she 
could be given less credit for 
her seriousness - and more for 
her entertainment value. 
Children, generally, react very 
well to her poetry and Facade 
is exceptionally popular in 
school libraries. 

Rachel BiQiogton 


HOT MONEY is the 26th novel 
from the Dick Francis stable, 
Md once again this former 
National Hunt jockey turned 
enme-writer seems likely to 
finish well in the frame In the 
run-up to Christmas. 

To meet and converse with. 
Dick Francis is one of the most 
amiable men you could possibly 
encounter, and it is this quality. 
I suspect, together with tiie 
comforting integrity in which 
be usuaffly bathes his goody- 
goody central character, as 
wough in formaldehyde, that is 
the secret of his success. '• 

After all, his plots are usually 
dotty. Hot Money concerns a 
multi-millionaire — Malcolm 
Pembroke, if you please— whose 
sudden decision to start flinging 
his wealth about triggers viper- 
ish malice among his family, 
which in c lu d es four ferocious 


ex-wives and numerous batty 
offspring. 

Die* Francis’s style is often 
stilted and his dialogue jars— 

SSdiSSf. bte “ e “rf”* 

JS* goodness, how he 
P^baps because his 

SbSSr ^ der > ^ Queen 
Mother who used to employ him 

and into whose 
wrene presence (one imagines) 
nothing thrillerish IjorSi 

I^h!L iS + ^ >Cmitted to intrude. 

*** “woe MW 13 
“* d can be 
wrong with that? 

a with Francome 

fad MacGregor’s Riding High, 
Jgteh is also baled as^racS 
rr—®** becomes stupefyingly 
clear m the first three pages. It 
w not so much handicapped by 
® j Urde p °f cliches as crushed 
and puiverised by them. As 
ruminate-' 

imitation may flatter, but this 
is ridiculous. . . - 

Michael 


Thompson-Noel 


T>. . 
. ' # « ‘ 1 


Tim 










WEEKEND FT XXI 





4 -.. '•: •.. 


Financial Times Saturday September 19 1987 


ARTS 


% 

- ih- r*% * 

c3i v ' 


Plays at the Shaw Festival, Niagara, range from Strindberg to Coward via Peter Pan. Martin Hoyle reports 


Records 


- * an rJ® & 
* u "«a aJ 1 ** 

V tat .ft ^ 

iiy 

*142?* * 


c VWo£' 

**SsSj 

r22a»* 

!S*25& 

---=14 ^ 

'• ... Hs ^kS ^ 


•: • -• ”5» as ffif 
-1 - 

••' frae. h 


m r-f if ! *».« . 
r.473: •; :-j La;;! 

- : 51* £ 
•• '.j'b ; 

-•■ L -’ li -" r . -* • 

Vt ;; 'j r->- 

: 3i^- i.irs. 

• ••• Wru'WS ; 

• 7- IS" :71 

v £l; 

r.:n -.pi : tea 

rsa: 

i.. •■■:“■ to' 

i ■• "br 

5£. 

,-•: Vr'-'S 

- 3\: fe»: 

zi.fi ?*a!' 

- ri'e: ass 2 
« -.• •' :B*r.ss: 

»r,' 

■ •'•••-. -zxr-7 * 
fc — c 
v':^. 2? 

AflOE 

;' . ,.- vs a' 


... w j;c:t ; . 


••■• “j:-, jss* 

: •• -•■.'.vrSS: 
•‘ - •. V>-‘ 


allops 

5**^’ 


> ::&$ 


^jf 




- - --■■■" -V j 






AT PEACffHCKSNG time the 
smell of boiling fruit billows 
from the jam-shop down the 
main street mingling with the 
perfumes of cooling fudge and 
fresh bread. The Niagara 
Bookshop is selling Penguins 
at the old rate (elsewhere 
stickers ruthlessly up-date the 
Canadian price; bay your 
Proust here quickly) and 
American tourists browse 
through works on London pubs 
and British royalty. 

The tote summer bakes 
Niagara-on-the-Lake, 8 glorified 
village, its houses carefully in 
keeping with the remaining 
wooden-frame and brick build* 
tags of old colonial days. Side- 
streets are lined with breath- 
taking trees that Britain sees 
only in arboreta. Each house's 
“lot" Is a rolling lawn. Its 
backyard an Oxbridge quad- 
rangle. For peace, greenery 
and spaciousness it all 
Hampstead Garden Suburb look 
like downtown Calcutta. 

And all summer three audi- 
toria are occupied with the 
Shaw Festival, a theatre 
Jamboree directed by English- 
born Christopher Newton. The 
FesdvaTs brief, originally a 
homage to GBS. now takes in 
Shaw’s contemporaries — not too 
constricting, remembering his 
near-century of life, and 
enabling the 1987 season, for 
instance, to range from Strind- 
berg to Cole Porter, Wilde to 
Coward, by way of Peter Pun. 

Constraints lie .elsewhere. 
Box office takings must provide 
80 per cent of the revenues: 
state and provincial funding 
accounts for the rest. The reper- 
toire is accordingly eclectic, 
anapologetic in its -broad 
appeal while trying to strike a 
balance between crowd-pulling 
and serious artistic criteria. 

A visitor in early September, 
as the Festival moves into its 
final lap, can see 10 plays in 
six days (including a day off to 
enjoy Niagara Falls or a local 
vineyard), all in an ambience 
of prosperous retirement and 
well-heeled trippers that evokes 
a mixture of Miami, Florida, 
and Broadway, Worcestershire. 

Performances are given in 
the purpose-built Festival 
Theatre that looks on to the 
green expanse of the commons; 
the Royal George, an bid 
cinema and vaudeville bouse 
scheduled ior refurbishment; 
and the Court House, a gracious 
Palladhtn relic of the past This 


Major Barbara sets the pace 


year the tutelary deity was well 
served. A particularly lively 
Major Barbara typified the Fes- 
. rival's strength: the presence 
of established Canadian stars, 
highly promising young talent 
and immense care for visual 
presentation. 

For Barbara Cameron Por- 
teous designed a library aH gilt, 
mottled marble and Chinese 
lanterns, with a Douanler 
. Rousseau backdrop; and a Sally 
Army haven in a grim East End 
brick-arched yard, enclosed in 
towering smoke-grimed walls. 

Christopher Newton's pro- 
duction waff swifter, lighter and 
funnier than we often find in 
Britain. A provincial election 
campaign added point to the 
political quips. In Frances 
Hyland's stylish and pointed 
Lady Britomart one glimpsed 
how Katherine Hepburn might 
have played the role; and above 
all ' Douglas Rain, one of 
Canada’s most distinguished 
players, kept the Shavian 
arguments afloat; bobbing and 
buoyant, even through those 
false endings in Act 3 when 
GBS goes on and on. 

Most of the company mem- 
bers act in at least two pro- 
ductions; some turn a hand to 
other activities. Thus Miss 
Hyland directed Strindberg's 
Playing with Fire; Duncan 
McIntosh, the Artistic Direc- 
tor’s assistant, directed both 
June Havoc's new Marathon 33 
(which I missed) and Fanny’s 
First Play— Shaw's first com- 
mercial success, be it remem- 
bered — and portrayed a narcis- 
sistic semi-naked Nubian in 
Salome. The Artistic Director 
himself appeared as Captain 
Hook in lan Judge’s produc- 
tion of Peter Pan: an admirable 
precedent Can we hope, in Mr 
Judge's forthcoming Wizard of 
Oz with the RSC, for Terry 
Hands as the cowardly lion? 

Mr Judge seems to emulate 
David Pountney'a production of 
RusaDta for the English 
National Opera in seeing Pan 
as a dream. Familiar everyday 
elements are incorporated into 
Neverland. Even the maid Lira 
wanders by, smiling reas- 
suringly, while fragments of 
remembered reality — the 
nursery beds, ivy-dad walls, a 




" ~ t 





Z*j *?*' ' • . '«* . 

<■ . vir, 

,:#:7 



Jennifer Phipps and Norman Browning in “ Hay Fever 


constant hint of the London 
skyline in foe distance — haunt 
this dreamworld. 

As at the BSC, we see foe 
Lost Boys grown up. The Shaw 
uses no Scots-accented narrator, 
however, but the company itself 
who tells the story, Nickleby - 
style. Some are already out of 
costume as they finally point 
out the umnag/caZ middle-aged 
men, with an Impact even more 
poignant than at the Barbican. 

With Peter himself the direc- 
tor cops out This grubby raga- 
muffin’s character is as indeter- 
minate as Tom McCamus’s 
accent Tinker Bell’s horrid 
smurf voice Js a minus, but the 
flying is lovely, Lost Boys and 
pirates are strongly cast Peter 
Windrem’s Nana Is the most 
lovable canine ever, and the 
opening scene’s grainy yet 
sharply -defined high London 
facades in glimmering twilight 
(Porteous again, lit by Jeffrey 
Dallas) are beautiful. 

Box-office needs dictate such 
conventional fodder as a 
Thirties courtroom drama by 
novelist Ayn Rand (The Fotra- 
tatnhead. Atlas Shrugged ), now 


and cliche-ridden; 
and Not in the Book, Arthur 
Watkyn’s fifties West End 
couedy-tfatillQr. TUs contains 
ait least one pearl of a scene 
Where a flustered woa&d-be 
murderer juggles in panic wita 
sugar and weed-killer. Affec- 
tionately directed as a period 
piece by Katfa Ardal, the play 
faiBg fascinatingly into histori- 
cal perspective: from this 
sheltered suburban tilth 
sprouted the sad cypresses and 
deadly nightshade of Ayck- 
bourn’s black domesticity. 

To balance the commercially 
safe bets, the Shaw mounts such 
deliberately risky ventures as 
a Strindberg - Wilde double 
bill. In Playing With Fire we 
watch a oear-Chekovian family 
group who “ eat; sleep, wait for 
H»*fh wasting time as amiably 
as they know bow ” before be- 
coming enmesh ed in Strindber- 
gian sexual tensions that here 
intensify the eternal triangle 
by postulating a half-under- 
stood attraction between the 
two men. 

With Salome yon must go 
for broke, as Lindsay Kemp’s 


alt-male production proved 
some years ago, or leave it to 
Strauss’s opera. Sky Gilbert's 
production didn't go far enough, 
despite gun-toting soldiers in 
tom tee-shirts and black 
leather watching Herod’s feast 
and Salome's climactic posses- 
sion of John the Baptist's head 
on TV monitors. Camille Mit- 
chell's evening-gowned princess 
enters like a soap-opera queen, 
but gets much better: that hard, 
spoilt; frightened little face and 
the strip down to black lacy 
underwear were consistent with 
the show’s calculated sleaziness. 
The supporting cast was erratic. 

Finally, what should have 
been too eluslvely British was 
in fact a great success, greeted 
with roars of laughter by a 
characteristically appreciative 
audience (the determination to 
enjoy is understandable in view 
of north American distances: 
some spectators - have a 1} 
hours' drive to reach the 
theatre). Our own Denise 
Coffey's direction broadened the 
humour of Hog Fever accept- 
ably, except for malting the 
formidable Clara into a cheer- 


fully dotty cockney char (jm 
Frapp ier, charming as the daffy 
wife in Not to. the Book). John 
Pennoyeris set of slightly worn 
opulent Edwardian theatricality 
suggested that foe Bliss 
family’s bohemianism is in 
need of redecoration, a costume 
skip and theatrical posters left 
no doubt that this Judith had 
been very much a trouper. 

Jennifer Phipps was a won- 
derfully funny Judith. More in 

the school of Celia Johnson 
Penelope Keith, her Judith is 
occasionally not in command of 
the situation, but whenever fate 
deals her a blow she rolls with 
the punches, opening her eyes 
in mock-innocent surprise and 
turning all to her advantage. 
She is one of many good 
Canadian actors who are doubt- 
less worried that there won’t be 
enough outlets for them: one 
can sense polite exasperation at 
any hint of patronising from the 
twin poles of English-speaking 
theatre. New York and London. 

On foe strength of this year’s 
Festival I would single out 
veteran Barry MacGregor (homi- 
cidal civil servant Herod, im- 
peccably proper as the fatuous 
Great War top brass in 
Augustus); Jon Bryden, for a , 
quirky, off-beat humour as 
American gangster, Strindber- 1 
gian sex-warrior or East End : 
bully (never mind that his 1 
cockney sounded Australian); | 
Richard Binsley, whose wim- 
pish neighbour freezes with 
terror as he realises that his 
manuscript murder-story has 
been put into action (Not in 
the Book); and Jim Mezon 
whose style and intelligence In 
Major Barbara and Peter Pan 
recall foe young Ronald Pick- 
up. 

The Shaw Festival is con- 
sciously the junior partner, 
according to the Stratford, 
Ontario, Festival. Here I saw 
foe Toting Company in an As 
You Like It that was careful, 
correct and colourless. Robin 
Phillips directed an elegiac 
reading on the long promontory 
of foe Third Stage. Melancholy 
music, dappled lighting, lovely 
stripped wood for foe set, as 
befits Canada; but bloodless. It 
was received with relief after 
an allegedly rough-trade Tra&us 
with homo-erotic undertones, 
but made one realise that, for 
all its uneven edges, the youn- 
ger festival on foe banks of 
Lake Ontario baa the bit 
between its teeth and is gallop- 
ing up fast 


eye Antony Thorncroft reviews the current state of London’s orchestras 

111 Times they are a-changin* 


ON THURSDAY, evening ati foe 
Royal Festival H&H, Sir Georg 
Solti picked- up ois baton, cast 
a -fatherly- eye .over foe London 
Philharmonic Orchestra, 

ensured that Alfred Brendel was 
camfcitaWe at foe piano and 
launched foe 19S7-& orchestral 
season in London with a per- 
formance of Brahms first piano 
c-uicerio (reviewed by Dom’nic 
GUI on this pag:)> 

A glance at foe brochures 
will suggest that nothing has 
changed, with three orchestras, 
foe LFO, the Philhaxmonia. and 
foe Royal Philharmonic, turn- 
ing np with great frequency at 
the Festival Hall to play rather 
similar programmes enlivened, 
with foe same band of inter- 
national stars as soloists and 
conductors. Simultaneously 
over at foe Barbican, the resi- 
dent London Symphony Orches- 
tra will be providing compar- 
able competition. 

But below the surface. . . . 
This could well be foe last of 
the old. Changes that have 
been promised for years may 
finflly .be about to happen- The 
new artistic regime at the 
South Bank, headed by Nicho- 
las Snowman, could do little 
about -the programming for the 
early part of foe season, which 
had been fixed before its 
arrival, but in April the first 
fruit of foe Snowman approach 
will be visible in foe "Late 
Works’* season. 

Snowman is a great believer 


BELA VERACEK, Howard 
Barker's hero in No End of 
Blame, Radio 4’s Monday Play, 
first appears as an art student 
in Budapest soon after foe end 
of World War One. He likes 
drawing cartoons more than 
paiiiting and is expelled. He 
and. his mate Grigor and their 
shared girl-friend escape into 
Russia. There they talk about 
art with their new comrades, 
who insist that art must be free, 
non-bourgeois and may be anti- 
social without foe artist know- 
ing. This is too much for Bel a, 
who believes in ** freedom 
above all things 1 * and makes 
his way .to. England, where we 
next encounter him ■■ as the 
cartoonist of the Daily Mirror, 
lecturing to left-wing airmen at 
a RAF camp in -194S. 

His cartoons, signed “Vera," 
upset ' -ChurchHl, and he and 
the editor are interviewed by 
some senior civil servants, 
cartoons themselves,, who 
threaten to close the paper 
down. But foe editor (“Bob*’), 
prints a wholesale apology; so 
a little later we find Vera draw- 
ing for another paper. Now it’s 
foe proprietor who decides foot 
Vera hasn't been funny for 15 
years and appoints another 
cartoonist, Mick, or more prob- 
ably Mik, as H has long been 

Chess No, 689 

1 N-K4. If KxB; 2K-B4. K-Q5; 
Z R.Q6 mate. If 1 . . K-B4— 

2 R-KR6 when if H-Q4; 3 R-R5 
or if K-N5; 3 B-K6. 


in “ themes,” ideally “themes * 
whkh involve foe -adjacent 
National Theatre, the Hayward 
Gallery, ^and foe. NFT, and 
“Late Works” embraces not 
only the final compositions of 
Verdi, Mahler, Strauss, etc, etc, 
but will co-indde with Peter 
Hall’s season of Shakespeare's 
last plays, Henry Moore’s late 
bronzes in the South Bank sur- 
rounds, and the last of Chap l in. 
Ingmar Bergman, et al, at foe 
NFT. 

To some extent this a forced 
marriage rather than the fully 
integrated ** themes ” which 
will dot foe South Bank 
calendar in 1988-89, with foe 
orchestras, for example, being 
asked to change their program- 
ming so that Mahler 9 is per- 
formed rather than the planned 
earlier Mahler symphony, but 
at least it offers a taste of the 
future. 

The more significant changes 
do not so much involve the 
repertoire of foe orchestras, 
but their organisation. This 
week the LPO changed foe way 
it pays its members, giving 
them the same fee for 
rehearsals as for performances. 
It will increase their ear n i ng s 
by around 27 per cent, and, m 
return, foe LPO will expect 
them to be stronger in their 
committment to foe IPO. This 
season, too, foe KPO has put its 
musicians under a four month 
contract, with the same aim. 
Now concert goers will expect 
to see the same faces, in the 


same place, at every perform- 
ance of the orchestras. . • • 

In 'effect the orchestras, by 
their own efforts, ■ tore - doing 
what both the South Bank and 
foe Arts Council have long 
campaigned for — moving 
towards better, and more con- 
sistent . levels oi playing. An 
Arts Council working party on 
foe funding of foe London 
orchestras is about to report 
At first it was believed to back 
the idea that two orchestras — 
foe LFO and foe Fhilbarmonia 
— should be in joint residency 
at the Festival HaU. Now, , with 
the South Bank favouring just 
tme "super” orchestra, such a 
formula is likely to be shelved. 
Undoubtedly Snowman would 
like to offer a home to foe best 
orchestra in the country, one 
of wartd class; but he wants 
such an outfit to emerge over 
time and is reluctant to rush 
things. Contracts, which ease a 
musician’s life and makes him 
less keen on tiring freelance 
work, are a step towards this. 

Another Snowman aim — re- 
peat programmes of better re- 
hearsed concerts even if it 
means keeping foe Festival Hall 
dark some nights while foe 
orchestra rehearses in situ 
rather than at the Henry Wood 
Hall with its very different 
acoustics — must wait for next 
season, as must the scheme for 
reducing the rental of foe Hall 
to foe orchestras by 10 per cent 
If they perform concerts con- 
taining challenging works 


Radio 


Anti-social 


evident foat Vera is Vicky. Bela 
goes off his head and jumps 
into foe Thames. 

The critical ami ethical dis- 
cussions have less effect than 
.they should because all foe 
voices sound alike, are Indeed 
often identical, since 16 players 
take 32 small ports. The dis- 
cussion veers to foe left 
throughout and some .fun is 
directed against the establish- 
ment. Thames Division police 
tell Bela, ** You are not allowed 
to jump in foe river 1" and 
take bets on his chances. A 
nurse tells Bela, “You should 
have tried Henley, or Cliveden." 
It worked well in the theatre as 
I remember, but- on foe -air -it 
seemed colourless and wordy— 
indeed it played. 15 minutes 
longer than most Monday Plays. 
Richard Wortley directed. 

Ian Cotterell, directing Ben 
Jonsoa's The Magnetic Lady on 
Radio 3 yesterday, had more 
luck with bis conversational 
scenes, of which there are a lot, 
for he had a star company 
whose individual voices are easy 


to pick out I am sorry to say 
that I have never read the play 
(first performed in 1632). One 
of its characters remarks, “It 
as most unbecoming a gentle- 
man to appear malignantly 
witty in another’s work.” and I 
suspect foe adaptation by Peter 
may have added some 
extra wit, malignant or not 
We open with a dinner at 
Lady Loadstone’s (Rachel Goo* 
ney), where assorted suitors are 
after her daughter Placentia 
and her generous dowry. 
Placentia, diagnosed by my 
lady’s steward Needle as suffer- 
ing from dropsy, is actually 
suffering from pregnancy, and 
gives birth to a son in foe 
middle of foe party, enabling 
her financial unde Sir Moth In- 
terest (Peter Bayliss) to claim 
the dowry. Placentia, however, 
was exchanged as a baby with 
her woman Pleasanee (Tina 
Marian) as if they were in II 
Trovutore. Compass, foe hero 
(Dinsdale Landen) learns about 
this, marries Pleasanee, with 
whom lie is in love, and collects 


which inevitably are a box office 
risk. . 

Not that the size of .the 
audience should be too much of 
a problem in 1987-88. Last 
season, was not a good one on 
foe South Bank, with atten- 
dances for foe Big Four drop- 
ping by 4 per cent to 71 per 
cent Lacklustre programming, 
and foe challenge of the Barbi- 
can. are mainly blamed. This 
season should see an upturn. 
The LPO’s subscription scheme, 
launched on the back of the 
Sunday Times, sold 35,000 tic- 
kets. leaving it with just 800 
to dispose of for its 13 Festi- 
val Hall concerts before 
Christmas. In effect the LPO 
has £80.000 in etxra cash in foe 
bank as a result of foe scheme 
and has sold out 96 per cent of 
its key concerts. The Philhar- 
monia, pioneers with subscrip- 
tion schemes, also reports an 
unproved response, with half foe 
seats for its concerts sold be- 
fore the box office opens. 

Unlike a few years ago ft now 
seems incredible that an y o f 
the major London orchestras 
should disappear. The RPO is 
thriving on a popular approach, 
with an emphasis on marketing. 
It has established a Royal 
PhilhannozHC Pops Orchestra, 
alongside its main team, which 
gave its first Festival HaH con- 
cert last night and should 
contribute an extra £100,000 a 
year to the coffers. The LSQ 
thrives as foe house orchestra 
of foe Barbican, and this season 


foe loot while Placentia mar- 
ries Needle (and Lady Load- 
stone marries Compass’s brother 
Ironside (Richard Durden) for 
no good reason). There are also 
various sub-plots, and between 
the acts two critics (Peter 
Howell and Edward de Souza) 
dispute amusingly about foe 
play with John Trygust the boy 
who looks after Jonson’s " play- 
shop.” The g™ 8 *!! parts include 
such players as Timothy Bate- 
son, Peter Wodthorpe, Dilys 
Layer, John Moffatt and Peter 
Eyre, so neither my interest 
nor my admiration ever 
slackened. 

Radio 2 began a throe-part 
series on Saturday, Digging for | 
Gold, where Mich a e l HOlling- 
worth is to explore foe 1,200,000 
in foe BBC’s record lib- 
rary. For some reason, the pro- 
ducer (Tim McDonald) began 
with a close-up of Mr Holllng- 
worth’s arrival by taxi and ad- 
mission to Broadcasting House; 
and when we met foe librarian, 
Derek Lewis, he was busy but 
ondertook to see us later. I 
heard foe first three nuggets, 
the Original Dixieland Jass 
(sic) Band, a 1962 Presley, and 
a 1953 Yma Sumac (who gave 
ns only three of her alleged six 
octaves). “This is not a request 
programme,” we were warned, 
“but if you know anything ...” 
So perhaps Caruso and Rakh- 
maninov and Gielgud and 
Stockhausen may surface later. 



Ghzseppe Sinopoli, who earlier this year was 
appointed music director of the Phtiharmonia 
Orchestra. He has been its principal conductor 
since 1984 


expects to finally dear the 
deficit which has dogged it for 
years. Its highlight is the 
Rostropovich 60th birthday 
celebration this autumn. The 
Philhaxmonia is also in profit 
for the first time in years and 
has seen off the take over bid 
from the LPO. It has also seen 
off some of foe more excessive 
financial demands of the stars, 
c ancel l ing a concert with Ash- 
kenazy rather than pay hss fee. 
This might encourage the other 
orchestras to refuse to pay over 


the odds and thus keep costs 
down. 

So while on foe surface it is 
a familiar, and excessive, diet 
of symphonic music tills season, 
foe moves towards contracts, 
more rehearsal time, higher re- 
gular earnings for musicians, ! 
and improved finances should ! 
ensure that when the orchestras 
get round to foe more imagina- 
tive South Bank programming 
promised for 1988-89 they will 
be better equipped to rise to the 
challenge. 


Solti & Brendel 


B. A. Yonng 


The combination of Sir George 
Solti and Alfred Brendel is not 
precisely that which springs to 
mind as being most likely to 
produce foe ideally muscular, 
vivid and poetical performance 
of Brahms’s D minor piano con- 
certo. Efficient it would cer- 
tainly be in any circumstances; 
but Brahms has never been 
Brendel’s most reliable suit, and 
Solti is not foe conductor to 
coax from him either foe 
rhythmic buoyancy, or the high- 
flying surge of Brahmsian 
yearning, that foe music needs. 

Curiously, at their concert 
with the London Philharmonic 
Orchestra at the Festival Ha n 
on Thursday night, the first 
movement of foe Brahms lacked 
even the fierceness of attack 
one would have expected from 
a performance under Solifs 
baton. Rhythms were compara- 
tively limp; foe violins were 
consistently held down; wind 
tone was disappointingly thin; 
and Breadel’s account of his 
solo part lacked concentration 
and centre — be seemed dis- 
tracted, and at crucial moments 
indecisive, as if this were not 
really the concerto he wanted 
(or was even ready) to play, 
and might at any moment 
decide to play another entirely. 
The adagio sounded purposeful 
and serious, but prosaic; noth- 
ing flowed easily. The finale 


Polarised 

opinions 


FEW CURRENT ensembles 
generate mote sharply polarised 
opinions than the Alban Berg 
Quartet For some they repre- 
sent the ne plus ultra of con- 
temporary quartet playing, 
while for others their approach 
implies an aseptic, dedicated 
perfectionism from which all 
traces of spontaneous interpre- 
tative life have been drained. 
I must confess to some sym- 
pathy for the second school of 
thought but nevertheless there 
is a great deal to admire in the 
set of three CDs on which the 
Alban Berg play all six of 
Bartoks quartets (EMI CDS 
7477208). 

The immaculate technical 
address is familiar from pre- 
vious recordings and concerts 
by the group, but here it seems 
less an end in itself than the 
firm platform on which fully 
rounded performances can be 
built, an impression enhanced 
by a recorded sound which is 
warm and slightly resonant 
rather than drily analyticaL 
There are movements scattered 
through the canon in which the 
level of characterisation ds not 
as high as ideally it might be 
—as a teenager I got to know 
these works from the Fine Arts 
Quartet's recordings on foe 
Saga label, and the memory of 
their vivid performances 
remains bard to eradicate. 

The Alban Berg’s treatment 
of the central movements of foe 
Sixth, for instance, ds rather 
low-key, and there are similar 
moments of blurred definition 
in sections of foe Fourth and 
Fifth. With those exceptions, 
however, foe playing is on a 
co nsistently hig h plane, and the 
steady exposition of the early 
works in particular is extremely 
effective. 

A coupling of two Mozart 
string quintets (the C major 
KL515 and G minor KJ516) from 
the Melos Quartet of Stuttgart 
with the viola-player Franz 
Beyer (Deutsche Grammophon 
419 773) demonstrates a rather 
different approach. Both works 
receive effortlessly supple per- 
formances; even foe tragic 
inflections of the G minor are 
given a relaxed though by no 
means trivialized profile. The 
scale of both works is always 
carefully measured, the ampli- 
tude of the opening phrases of 
the C major instantly register 
an argument to be laid out on 
a generous scale, yet never for 
a moment does foe players* grip 
upon the structure falter— the 
sense of exploration, of con- 
tinual re-creation, is always 
maintained. 

The Hagen Quartet's Mozart 
is at present a rather less 
inspirational and re-creative 
affair. It is elegant and scrupu- 
lously refined, every element 
is precisely proportioned. It 
remains, though, essentially 
small-scale; even In foe last 
two ouartets (in B flat K.589 
and F. K-590: coupled on DC 
423 108) it is the intricacy with 
which the four instrumental 
strands are realised rather than 
the plumbing of emotional 
depths which seem to bind 
the works together. From foe 
Hagen foe B flat’s Larghetto 
seems a mundane affair, not at 
all foe quartet’s emotional 
bench mark it ought to be. 

If the Hagen’s playing can 
sometimes miniaturise rather 
than reveal, the only credible 


way of approaching Mendels- 
sohn's violin sonatas is to pre- 
sent them unabashed, for all 
they are worth. Shlomo Mintz 
and Paul Ostrovsky play the F 
minor Op. 4 and foe F major 
sonatas on Deutsche Grammo- 
phon (419 244-3, CD only). 
Op. 4 was written in the 1620s, 
when Mendelssohn was in his 
early teens, and predictably 
takes Beethoven and Mozart as 
its starting points. A distinctive 
creative personality is all in foe 
process of formation, however, 
and foe achievement of both 
Mintz and Ostrovsky in this 
work is their ability to nurture 
those hints of individuality 
without any sense of contriv- 
ance. In foe later F major, 
written in 1838 but unpublished 
until 1953. foe problems are 
rather different — the person- 
ality is unmistakable now, but 
the level of invention far less 
even. - The players’ solution 
seems to me absolutely the 
correct one and totally success- 
ful— to play the score immacu- 
lately, as if it were sustained on 
foe highest level of inspiration. 

Rakhmaninov*! two Trios 
eUgiogues for piano trio make 
an obvious coupling. The 
maturer D minor work explores 
much of the same expressive 
ground as the piano trio written 
22 years earlier by Chaikovsky 
(to whose memory Rakh- 
maninov's Trio is dedicated); 
foe G minor is almost a prepara- 
tory study, a single-movement, 
rather piano-heavy piece which 
gets only rather rare outings 
nowadays. The Beaux Arts Trio 
(Philips 420 175) manages both 
works with foe maximum, of 
panache and in some respects 
not a great deal of subtlety— 
their treatment of foe single- 
movement work is sometimes 
brusque; foe surfaces suggest 
a feigned rather than genuine 
expressive depth. In foe D 
minor Trio it is sometimes bard 
to separate foe effect of foe per- 
formance from that of the 
work; there is an unyielding 
quality to both, a strident 
emotionalism that needs to be 
strictly controlled. 

★ 

"James Galway plays Nielsen” 
(RCA RD86359) is packaged as 
if it were foe latest collection 
of Galway lollipops. Yet it con- 
tains quite excellent accounts of 
Nielsen’s Wind Quintet and 
Flute Concerto. Galway's 
talents have been so thoroughly 
exploited that one sometimes 
forgets that he remains a very 
fine flautist indeed, and works 
such as foe Nielsen concerto 
suit him admirably. It may have 
been a mistake for him to 
choose to conduct the Danish 
Radio Symphony— the orches- 
tral playing is rather under- 
powered at times, so that the 
work's crucial pitting of foe 
soloist against an errant 
orchestral trombone is not as 
welj stage-managed as it could 
be. The Quintet (with mem- 
bers of foe Danish RSO) is un- 
hurried and broadly expounded, 
while as fill-ups Galway adds 
foe tiny pieces of incidental 
music Nielsen wrote for Helga 
Rode's play The Mother in foe 
1920a. It is altogether a desir- 
able collection, providing one 
is not totally put off by foe 
cover photograph. 

Andrew Clements 


was effortful in its climaxes, 
oddly soft -centred in its 
lyricism. 

Chaikovsky’s fifth symphony 
came after the interval. Solti’s 
way with Chaikovsky is charac- 
teristically firm, forthright, un- 
yielding, and unsentimental to 
a degree. His opening move- 
ment was crisp-toned, solid, 
expertly managed, and without 
so much as a glimmer of mys- 
terious reference (could this 
really be the music of "mur- 
murs, doubts, plaints, re- 
proaches ,...”?). 

It was one of those warm and 1 
hn mhi evenings that no orches- 
tra is comfortable with! but the 
ensemble, a little sticky-handed 
at the start, came together 
nicely as the permfonnance pro- 
gressed. The greater part of 
the symphony, and the seorad 
and tout movements especially, 
were really very well played, 
broad and brightly coloured — 
but with how little indulgence, 
or apparent affection, they were 
directed.’ The finale accommo- 
dates the Solti treatment best: 
a whirlwind of energy, urged 
with an unstoppable momen- 
tum to its conclusion — a can- 
vas of bright city lights, loud 
with neon, wreathed in vapour 
trails, 

Dominic GO! 


Are you too busy 
to buy at Christie's 
wine auctions? 


If pressure of work prevents you from 
attending our auctions we will be delighted to 
accept commissions to bid cm your behalf at 
no extra charge. We can also notify you when 
wines you warn come up for auction. 

At Christkfe we offer an unrivalled choice 
of the worlds most famous wines in quantities 
suitable for private cellars. Often they axe from 
vintages no longer generally available and due 
prices usually represent very good value. 

For further information, including details 
of catalogue subscriptions, please contact 
Rosie Sharp at Christiek Wine Department, 
8 King Street, Stjamesk, London SWIY 6QfE 
Telephone: 01-839 9060. 



CHRISTIES 

The Leading International Wine Auctioneers 


r bo*r 


r 





XXH WEEKEND FT 




■ f .; V L ( i4 . ; 




Financial Times Saturday September 1$ mt ;/ ; 



SPORT 


Croquet/Nicky Smith 


Golf/Ben Wright 


< One most never 
underestimate the 
cosmic insignificance 
of any game ... 9 


THE CROQUET season Is roll- 
ing gently to a close. The 
President's Cup, last of the 
prestigious invitation events, 
was plaved out last week at 
Hurlingbazn. On the final Satur- 
day. rain lashed the players and 
strong winds threatened to 
rock the croquet balls, raising 
interesting legal points on rules 
relating to movement between 
strokes. 

On lawn two. South African 
Reg Bamford was confident of 
his ninth victory of the week. 
Next door on lawn one the 
acknowledged favourite, Steven 
MuIIiner, suddenly looked in 
danger of losing a crucial game. 
He was peg for peg with his 
opponent, Colin Irwin, and if 
he lost, instead of securing an 
early, easy victory over the 
whole tournament, he would 
face a play-off against Bamford. 

But croquet is nothing if not 
unpredictable. Perhaps over- 
whelmed by the nearness of 
victory, Irwin began to 
crumble. The Flamingo Factor 
reared its head and he bungled 
a triple peel at penultimate. A 
few strokes later Uulliner, 
whose shooting had been devas- 
ta tangly accurate throughout 
the tournament raised a 
clenched fist in victory. 

It was his fourth win of this 
particular event and — 
ungenerous thought — made 
somewhat easier by the fact 
that Nigel Aspinall, who has 
won the cup II times, was 
absent because, of illness. 
MuIIiner put his success down 
to practice and. more impor- 
tantly, psychological “fitness". 

“One must never underesti- 
mate the cosmic insignificance 
of any game," he jokes, hall 
seriously. His tension is elec- 
tric and easily communicated. 
It shows itself in his pacing of 
the baulk lines, his springy 
press-ups in front of the hoops 
and his sudden unexpected 
darts across the lawns. 

J-bji Soloman, president of 
the Croquet Association, thinks 
today’s young players tend to 
overanalyse the game. “They 
contemplate themselves into 
really difficult moves and, when 
things go wrong, they can't re- 
cover." he says. He agrees con- 
fidence can be built into a game 
by a positive approach, bui 
adds: “ When you start to 
analyse too much, it's gone." 

Soloman is a living legend of 



Putting 

the 


boot in 


croquet. He is a brilliant 
"natural” player with an intui- 
tive touch that reflects the 
maverick element in his own 
genial character. He has won 
more victories in croquet than 
most people can remember, and 
next year a new trophy will be 
offered in his name. 

His confident approach is 
shared by Mark Avery who de- 
feated Muliner to win the Open 
coampuonstup th is year, tie was 
stopped from playing in the 
President’s Cup only by the fact 
that he could not take any more 
time off from his job with the 
local authority in Ipswich. 

At 21, he has already estab- 
lished himself in the game and 
is confident he could have 
done well last Saturday. He 
drove down to watch the final 
day’s play and couldn’t help 
feeling cheated. Just before 
the President's Cup, be played 
an invitation weekend at 
Guildford. “ All the top players 
participated and I heat them. 
I could have beaten them 
here,” he said, surveying the 
Hurlingham lawn disconso- 
lately. 

This year, a group of British 
players were invited to play 
for a philanthropic event in a 
vineyard in California. Earlier 
Avery, Aspinall and Keith 



PUZZLE No. 6,434 


u 

■ 

m 

mmm 

■ 

■a 


■ 


■ 

mm 



■ 

■ ■ 

m 

■ 

■ 

■MB 

■ 

Jk 

■ 

SUM. 

■ 


■ 

■ ■ 

i 


■ 

■ ■ 

i a 

■ 

■ 

■ a 

■■ 

m 

■ 

■■■ 

■ 


■ 

■ 

■ 



■ 


a 







a 


m 

■ 




■ ■ 

H 

■ 

■ 

■■ii 

a 

■ 

■ 

mu' 

■ 



■ ■ 

■ 



■ m 

il 

■a 

■■■ 

■■ 


a 

■■■ 

m 

■ 

■ 

■■ 

ill 

■ 

■ 

■■■ 

■ 


■ 

■ 

■ 


■ 

m ■ 

dll 

■■ 

ill 

■ 

■ 

■■■ 


Prises of £10 each for the first fine correct solutions opened. Solutions, 
to be received by next Thursday, marked Crossword on the envelope, to 
The Financial limes, 20 Cannon Street, London EC4P 4BY. Solution 
next Saturday. 


ACROSS 

1 Barker publicised drink (8), 


18 Sample spice spread on 
pieces (8) 


5 Urge barristers to imprison' 20 She gets me up before 


pauper (6) 


mother (4) 


9 Stand in youth centre 21 Records 


unmarried 


le? <7> 


issory notes (S> 


about it Cfi) 


12 Take spiteful woman to 24 Parking in some awkward 


church (5) 


place (5) 


13 Amusing or eccentric fbol (9) 25 Find man turning up to move 


14 Sent back key ring attached 
to pine figure (6) 

16 Fuel father has lying around 

<7) '■ 

19 Introduce a new cap, free (7) 

21 Reason for remark about 
fool 6) 

23 Minister made scruffy leg- 
man cry (9) 

25 Funny order to one in 
criefeet club (5) 

26 Exclude article 50 from ser- 
vice book (6) 

27 Reveal arrangements to 
install lilt (8) 

28 Piece of music having less 
feeling? (6) 

29 Cut off cooker after set 
exploded (8) 


screen (5) 

Solution to Parade No. 6^433 


amsainsDCiaaa nas 
sanasaHH 
aaaaa naanannna 
qq m a m m m a 
raaanannna oaatsa 
no m m ra a 
aagiaaaa aaaa 
□ 30 H □ 3 

H30H HEIGGjnQIl 
3 □ h s a a 0 
□□huh □□flOBaaau 
snnaaaian 
affiEGasaara aaasa 
aHataaama 
ana anaasaarasna 


Solution and winners of 
Poole No. 4428 


DOWN 

1 Kidnap Jack, going by tube 
(6) 

2 Trustworthy salesman takes 
union leader on board (9) 

3 Long to follow old Penny to 
desert (5) 

4 Continuing to invest money 
in slag disposal (7) 

8 Duck below fttilt (9) 

7 Darkness of toilet requiring 
external decoration (5) 

8 Fought off man after sister 
collapsed (8) 

U Cut Poles' religious upbring- 


fsasGacins 

_i S £1 S 0 E ^ 

!5 E S S S S n B 

5QEEL Sn'IEKSa 
22 5' E E 
3QESS 

s n 3 K n 

^ 5 n ns 

■saEuSQQ^ '27 j£E03£1 

n E K • !Z : E rr> r\ Va 

HKnrsyKEHHSSWraR 


ing (4) 

Drink nothing Ada Green 


brewed! (9) 

17 Una mixes fruit in mechani- 
cal device (9, 


Mrs M. N. Sinclair, Huirhead, 
Glasgow; Mrs P. E. Lovett, 
With am, Essex; Mr J. R. Jeffer- 
ies. Dudley, West Midlands; Mr 
p. J. Rowland, Brentford, Mid- 
dlesex; Mr lan D. Thomson, 
Clitheroe, Lancashire. 


Alton formed part of the 
British team competing against 
the US at Palm Beach in 
Florida. 

Aiton, winner of the 1987 
men’s championships, is another 
young player who, like Avery, 
works for a living but lives for 
croquet He has played in 
several of the many regional 
tournaments that help to make 
up the Croquet Association's 
annual fixture list, where travel, 
accommodation and entry fees 
generally far exceed the prize 
value. 

Prizes in this fiercely amateur 
sport sometimes border on the 
lunatic — policemen’s helmets, 
Swiss bells and battered cow- 
horns are among the treasures 
to be won at regional tourna- 
ments. Sponsorship of the major 
events ensures a better deal — 
Bombay Gin sponsored the 
President's Cup for the second 
time this year and was generous 
with the liquid refreshment as 
well as the money, but the 
question of professionalism in 
croquet has grown steadily into 
a debate in the CA counciL 

Next year, the Americans are 
coming to Hurlingham for the 
Opens and. with increased inter- 
play between the two countries, 
the question of prize money — 
which, like everything else, is l 
bigger and better in the US— 
is certain to recur. 

Croquet in the US is played 
to different rules and, it seems. 
In very different style. An 
article in this month’s Harper 
and Queen, glossy arbiter of 
British taste, contrasts the sun- 
baked elegance of Florida, 
where everything is inscribed 
Louis Vuitton, .with the soggy 
and somewhat shambling British 
scene. The “ rocky financial 
state ” of most clubs in this 
country is deplored and so is 
the comparison of croquet with 
chess (too flattering) and the 
“ yuppie " appeal of the game 
to players. 

Bade on the rain-soaked lawns 
of Hurlingham, It is evident that 
H and Q is correct British 
croquet lacks something. Aiton 
is playing in white lace-up box- 
ing boots. Phil Cordingley 
(member of the Stoke Newing- 
ton Darts League) is exposing 
his belly through a drenched 
T-shirt John Walters hasn't 
bothered to shave. 

Somehow, it doesn’t seem to 
affect the play. There are still 
those who think that the British 
game— better shooting, better 
break play and altogether more 
confidence — can knock Palm 
Beach into a mallet case. And 
if all else fails, they can rely 
on the “ cosmic insignificance ” 
of croquet to keep things in 
proportion. 


Europe faces an uneasy 


They’ll have to beat 
America's best, plus 
a capacity crowd 
baying for blood 


IF ANYONE had suggested 
just five years ago that the 
European team bad a good 
chance to record its first Ryder 
Cup victory on American sofl 
since the -biennial series was 
launched officially in 1927, he 
might have been escorted 
quietly away by gentlemen in 
white coats. 

Before the 1983 match in 
Palm Beach Gardens, Florida, 
the European team, created in 
1979, had lost heavily. On their 
debut in White Sulphur 
Springs, West Virginia, in 
September 1979. the Europeans 
were defeated by 17 points to 
11. At Walton Heath in Sep- 
tember 1981, the European 
downfall was even more humili- 
ating. In appalling weather, 
which was thought to be ideal 
for the home team, they were 
soundly beaten by 18$ points 
to 9*. 

When Samuel Ryder, a seed 
merchant from St Albans, pre- 
sented his fine cap, the home 
team was restricted to British 
and Irish players. Between 
1927 and 1979 the Americans 
won it no fewer than 20 times, 
tied once In 1969, and lost on 
just three occasions in 1929, 
1933 and 1957. 

The match had become as 
much of a bom as an embarrass- 
ment It had largely been 
ignored by the local population 
when played in America in the 
autumn, early in that country's 
school, college and professional 
gridiron football season. 

Desperate attempts were 
made to prevent tbe biennial 
dCb&cle by changing the 
original format of four 36-hole 
foursome matches followed by 
eight singles over the same 
distance the next day. 

In 1961 the format was 
changed at Royal Lytham to 
four foursomes matches over 
28 holes the first day in morn- 
ing and afternoon, followed by 
eight singles matches over 18 
holes both morning and after- 
non the following day. The 
total points available were thus 
doubled from 12 to 24, but tbe 
result was depregsingly similar. 
America won easily by 141 J to 



Larry Nelson . . . could be tramp card 


911 after taking the foursomes, 
imagined by the misguided 
majority to favour the home 
team, by six points to two. 

The match was rehasned again 
in October, 1963, in Atlanta, 
Georgia, with even more dis- 
astrous results. The British 
and Irish lost by 23 points to 
nine. A third day of l&hole 
fourbaUs, morning and after- 
noon, was sandwiched between 
the foursomes and singles in 
the vain hope of attracting 
American television coverage. 

After two more onesided 
American victories, die British 
and Irish finally achieved a 
momentous 16—16 tie at Royal 
Birkdale in September. 1969, 
and the 1971 match in St Louis, 
Missouri, in September was duly 
televised on its final day, with 
horrific results. When the net- 
work in question finally began 
its coverage on Sunday after- 
noon the match was already 


over. America having won the 
two angles points they needed 
to retain 4he trophy I They had 
started the afternoon leading by 
14* to 9S- 

Two more defeats for the 
British and Irish followed, so 
the match format was. changed 
yet again at Royal Lytham in 
September, 1977. Because of 
the shorter autumn days, in 
Britain which had caused after- 
noon matches on more than one 
occasion to finish by the eerie 
light of ear headlamps, five 
18-hole foursomes were played 
the first day. and five footballs 
the second. On the final day, 
ten 13-bole singles matches 
were spread out throutfi the 
day. But despite the fact that 
the British and Irish team 
shared the angles 5 — 5. they 
had already hung a millstone 
round their necks by losing the 
foursomes and fourbalis by ?i 
points to 24. 


And so the Europeans were 
called upon to bolster what 
appeared to be a lost cause, and 
the format was changed yet 
a g ain. In 1979 «pd ever since, 
four foursomes and four four- 
balls have alternated on the 
first -two days, morning and 
afternoon, followed by 12 
singles spread throughout the 
final day. The latter move was 
made so that any player left out 
of his team's line-up during tbe 
first two days got at least one 
game to avoid further em- 
barrassment. 

In 1979 John Jacobs, the first 
European captain, chose not to 
pair a European with a British 
or. Irish player. But he took 
the plunge in 1981 at Walton 
Heath on the first afternoon, 
pairing . Irishman Des Smyth 
with Spaniard Jose-Maria Cazu- 
zares. The pair celebrated this 
epic moment in golf history by 
thrashing Bill Rogers, the 
reigning Open champion, and 
Bruce Lietzke by six and five. 

Tony Jacklin took over the 
captaincy in 1983, and was far 
l e-S ? reticent in creating 
partnerships involving Euro- 
peans and British players. Seve 
Ballesteros and Paid Way won 
2$ - precious points in four- 
somes and fo urball play in 
.Florida, while Nick Faldo and 
Bernhard Longer did even 
better, winning three. These 
two pairs contributed the lion’s 
share of Europe’s eight points 
that enabled the visitors to go 
into file final day tied with the 
cun bidders. _ 

The rest is history. The 
Americans, captained by Jack 
Nicklaus, scraped home by 144 
points to 134- But tbe Euro- 
peans had established such an 
admirable team spirit, they were 
obvious favourites at The Bel- 
fry in September, 198 5. and a 
longed for victory, was finally, 
and comfortably, achieved. 

Can the Europeans now win 
for the first time on American 
soil at Mnirfreld Village goli 
club in Dublin, Ohio, on a 
course designed by. Nicklaus. 
the American captain? Of 
course, it is entirely possible. 
Nine of the European team for 
next weekend’s match enjoyed 
the sweet taste of victory at 
The Belfry. In Frankfurt, at the 
finish of the German Open, 
Jacklin annou n c ed . his final 
three selections. Ken Brown, 
Sandy Lyle and Spain’s Jose- 
Maria Otazabal. after the other 
nine players had automatically 


SATURDAY — - 


TELEVISION AND RADIO 


t Indicates DrogmwM in Mack 
and whits 

B8CJ 

X30 am Dudlay Do-RIght. 8.35 Boss 
Cat. 900 If* Wicked. 10.55 The Pink 
Panther Show. 11,16 Film: *’ Captain 
Scarlett." (Richard Greene and Leonora 
A mar star.) 12.27 pm Weather. 12.30 
Grendatand. including 1225 Football 
Focua; IJW News Summary: 1.05 
Motorcycling (ACU Britigb Champlon- 
ahips at Silvaratone): 1-36 Water-Ski- 
ing (ladiea* day In the 19S7 KP World 
Water-Skiing Championships); ZOO 
Newbury Racing; 2.0S Water-Skiing; 
230 Newbury Racing; 2JS Motor- 
cycling; 3.00 Newbury Racing: 3 .05 
Watar-SUlng; 3-30 Newbury Racing; 
3.50 Half-timea; 4.00 Table Tennis (The 
leads Masters at Wembley) : 4-20 
Motorcycling; 4.40 Final Score. 6-05 
News. 

5.16 Regional Programmes. 520 Rolf 
Harris Cartoon Time. B4S Telly 
Addicts. 0.15 'Alio 'Alio. 6.SO Bob’s 
Full House. 705 The Russ Abbot 
Show. 7.55 Casualty. MS News end 
Sport. BOO Film; a Bridge Too 
Far," starring Sean Connery, Robert 
Radford. Michael Cains and Gene 
Hackman. 11 -SO Monty Python’s Fly- 
ing Circus. 1220 am 0a res: The Uni- 
part British Professional Championship. 


subtitles). « 1 .35-1 20 am " Touch Of 
Evil." (Oraon Weilea directed and 
stars with Charlton Heaton. Janet Leigh 
and Marlene Dietrich.) 


220 pm Network Earn. 3.00 No 
Limits. 44)0 Diving Caves of Marble. 
420 Darts: The Unipart British Pro- 
fessional Championship. 620 Bob 
Dylan. 720 Newsvlew. 8.00 Who 
Revives The Dead. 920 Darts. The 
Unipert British Professional Champion- 
ahip. 920 Film: ’* Le Cop '* (English 


LONDON 

w.tM iV-am Breakfast Programme. 
926 No 73. 11.00 The Roxy. 1120 
Frocks On The Box. 12.00 The Fall 
Guy. 14)0 pm News. 1-05 Saint and 
Greavsie. 1.30 Wrestling. Z.16 Comedy 
Classic: The Cuckoo Waltz. 2.45 " The 
Secret Mark Of D'Artagnan," starring 
George Nader and Magsli Noai. 425 
Cartoon Tima. 446 Results Service. 
520 Newa. 

526 Blockbusters. 525 The A-Tssm. 
620 Blind Data. 7.16 Beadle's About. 

I 745 3-2-1. 845 News and Sport. 925 
Murder, Mystery. Suspense. 1020 The 
I Dame Edna Experience. 1120 “ Calan- 
| dar Girl Murders," starring Tom 
I Skarrrtt and Roben Culp. 120420 am 
j Night Network. 

CHANNEL A 

920 am Coping. 10.00 The Home 
Service. 10.30 Scotland's Story. 1120 
Same Dilfaranca. 1120 Dancin’ Days. 
t1220 pm Sbb War. fl.00 ” Portrait 
Of Jennie," starring Joseph Cottan. 
|t2-36 We Sell At Midnight. 32S 
Channel 4 Racing from Ayr. 6.05 Brook- 
aide omnibus. 

I 6.00 Right to Reply. 620 Tears, 
Laughter. Fears and Raga. 7.00 News 
Summary followed by Beyond Belief. 
720 In and Out of Africa. 820 Japan. 

9.30 Inochl (in Japeness with English 
subtitles). 10.00 St Elsewhere. 10.56 
Australian Rules Football. til. 66 
" Phantom Lady,” awning Ella Raines, 
til 20 am " Mr Reader in Room 13." 


S4C WALES 

9.30 am Coping. 1020 What The 
Papers Say. 10.15 Valued Opinion. 
1020 A Full Ufa. 11.00 The Mississippi. 
t1220 Sea War. 1220 pm Scotland's 
Story. 1*120 Feature Film; " Broadway 
Thru A Keyhole." starring Constance 
Cummings. 325 Racing from Ayr. 5.00 
Battle For The PlanaL 6-00 Right to 
Reply. 620 All Mook and Magic 7 

720 The Dragon Has Two Tongues. 
720 Newyddion. 720 Treialon own 
Defsid- 8.15 Noaon Lawen 1987,. 825 
Y Maes Chweraa. 10.16 The Golden 
Girls. 1025 Australian Rules Football, 
til .66 Feature Film: " Phantom Lady,” 
•tarring Franchot Tone, Alan Baxter 
and Ella Rainas. H20 am Feature Film: 
■* Mr Reeder In Room 13." 


Weather. 245 an Achillas. 420 
Cartoon. TT20 "The Fan.” 

GRAMPIAN 

Yl -30 m ALF. 1220 Knight Rider. 
1120 pro Music Special (lan Duty 
and the Blockheads). 1220 am 

Reflection*. 


GRANADA 

1120 am Saturday Matinee. ZlS jnn 
Easy Street. 1120 "Love at First Bite” 
starring George Hamilton and Susan 
Saint James. 126 am Polks Woman. 
220 World Beyond. 220 America’s 
Top 10. 


ULSTER 

1120 am Feature Film:- ” John and 
Julio,” marring Colin Gibson. Leslie 
Dudley and Wilfrid Hyde White. 1.08 
pm Ulster Nowadme. 425 Sports 
Results. .5.03 Ulmer Newmime. 922 
Ulster Newstime. 1120 T. J. Hooker. 
1220 am Ulmer Nawstim*. 


1BA Regions as London except 
at tbe fofohwing times: — 


ANGUA 

1120 am The Fall Guy. 1220 pm 
A.L.F. 


BORDER 

1120 am UFO. 1220 pm Survival 
1120 T. J. Hooker, 


HTV 

11-30 am Knight Rider. 12.00 A.L.F. 
1220 pm Starring . . .The Actors 
(James Earl Jones). 1120 Club Rugby. 
1226 am Alfred Hitchcock presents. 

HTV Wales— As HTV West except: — 
T12D.12.05 pm Club Rugby (Swansea 
v Bristol). 

TSW 

1120 am Charlie's Angels- 1225 pm 


YORKSHIRE 

11.30 am " Autumn Bella." 1225 pm 
Cartoon Time, til 20 " Dr Crippen." 
starring Donald Pleasence. Samantha 
Eggar. Donald Wolfit and Coral Browne. 
1.06 am The Saturday Lain Him: 
" Blood of the Vampire." starring 
Donald Wolfit. Vincent Ball and 
Barbara Shelley. ZOO Jobfinder. 


Gas Honeybun's Megic Birthdays. 
12-30 The South West Week. 6.05 
News port. 5.10 The Smurfs. 626 Gus 
Honeybun's Magic Birthdays. 1120 
Late Night Film: " Love at First Bite." 
earring George Hamilton and Susan 
Saint James. 125 am Postscript. 


CENTRAL 

1120 am Family Feature Film: "The 
Troyan War." starring Sava Reeve*. 
1120 pm "Love At First Bit*" 


(George Hamilton stars). 1.06 am 
Prisoner Cell Block H. 220 ” Georgy 


Stereo on VHF 
BBC RADIO 2 

8JS sm David Jacobs. 9.00 Sounds 
of the 60*. "HLOO Michael Aapal. 12.00 
Digging for Gold. 120 pm Ken Dodd's 
Pataca of La ugh or. 120 Sport on 2 
including Football; Racing from New- 
bury: Golf (Previewing the Ryder Cup 
snd news of the Uncome Trophy): 
Motor Racing (Finel practice of the 
Portuguese Grand Prix): plus the rest 
of tba weekend's sporting news. 6.00 
Sport* Report. 


Symphony Orchestra. 1.00 pm News. 
1.06 Lata Berooue Music from Dresden. 
1.40 A Live Sparrow (study of Edward 
Fitzgerald by Patric Dickinson). 126 
Piano Trios: Haydn and Dvorak played 
by the Raphael Trio. ZOO Bach's Maes 
In 8 Minor. 5.00 Jazz Record Requests. 
5-* Critics' Forum. 0.36 Music for 
obos and piano by Robert Saxton. 
Lutyens and Richard Rodney Bennett. 
7.10 Henry Williamson's Nature 
Writing ». 7.30 BBC Philharmonic 

Orchestra with Yuri Bahmet (viola): 
Glinka (Overture: Tusien and Lud- 
mllla), Schnittke (Viola Concerto); 
l®- 15 , bitsnral reading); 820 Tchaikov- 
sky (Symphony No S). 9.16 Talking to 
W,0 ° Now Sonorities 19B7. 
1 i.i Music: Vivaldi, Monteverdi, 
rKJl 11 !. Bnd Respighi. 1127- 

12.00 News. 


BBC RADIO 4 


Prisoner Cell Block H. 220 ” Georgy 
Girl.” starring Jamas Mason, Aian 
Bates. Lynn Redgrave and Charlotte 
Rampling. 325 Central News followed 
by Central Jobfinder. 


1120 sm Knight Rider. 1220 pm 
Survival of the Fittest. 1227 TVS 
Weather. 


CHANNEL 

1120 em Knight Rider. 1220 pm 
Survival of the Fittest. 1229 Today's 


TYNE TEES 

11.30 am "Ralls Into Laramie.” 1120 
Movie Premiere: " Love at First Bite." 
120 am Coping with Grief. 


ZOO The Match play Quiz. 620 
That a Showbusinea*. 720 ABC Quiz. 
TOO Concert. 20 String Sound. 
1Z05 Martin Kelner. 1Z06 pm Going 
Dutch. 120 Patrick Lunt presents 
Ntgbtride*. 200-44)0 A Little Night 
Muetc. 


BBC RADIO 3 

7 -®*m News. 7.05 Morning Con- 

If? Nb, ZL 8,06 RBCoril "•view- 

mis Stereo Release. 112 S Chicago 


7.00 em Today. 9.00 News. 826 
Sport on 4 . 920 Breakaway. 10.00 

Lo °?! ho *“ d ^ 
-jy® Newi; Conference 
Special. 11-27 From Our Own Corte- 
apondent. 1200 My Haro. 1225 pm 
Aofco (S). 120 News. 140 
Amy Questions? 126 Shipping Fora- 
Second Edition. 320 
News, the Aftomogn Play (S). 420 

!a m n«i!!? W n 1118 Liw,nH World. 
B.a Delve Special. 5.50 Shipping 

f of **5.®** 5-65 Weather. 820 News 
inclu ding Sports Round-Up. G2S Stop 

£5er? l SSS.' N S* 

**> S~» Ten ro D lT fit 

vSn^^ojBi 10 ^? N * W8 ' W-15 The 
Gorae^nm The Wordamithi of 


SUNDAY 


despite messy exterior (8) PwPf - CD . _ ... 

18 Offensive cook returns prom* 358 Hardly ever cold with fright 


t Indicate* programme 
In Mack 'end wMta 


BBC] 

8.55 am Play School. 9.15 Articles 
of Faith. 920 This is the Day. 10.00 
Whet on Earth? 1025 Only Time 
Would Tell. 1Z56 The Wooldridge 
View. 1148 Look Stranger. 12.10 pm 
Sign Extra. 1226 Farming with Lea 
Cottington and Philip Wrixon. 1229 
Weather for farmers. 120 This Week 
Next Week. 

2.00 Eastsnders. 3.00 Match of the 
Day Live: Newcastle Utd v. Liverpool. 
S.OS Our House. 526 Vanity Fair by 
William Makepeace Thackeray. 62S 
News. 640 Songs of Praise. 7.15 


Three Up, Two Down. 7.46 Howard's 
Way. 826 Bread. 9.06 Love After 
Lunch.’ 1020 News. 1025 Heart of 
the Matter. 11.10 Seventy Summer*. 
1140 Network East. 


120 pm Sunday Grandstand (Part 
including 120 Water Sfcimg/'Motor 


II including 120 Water Skcing/MoUr 
Sport (KP World Water-Skiing Cham* 
pi ana hips /Yesterday' a motorcycling 

St Silvers to ne/Ths Manx Rally) and at 


220 Motor Racing (The Portuguese 
Grand Prix). 13.00 Film: " Carl (on- 


line* followed by Police 5. 1.15 Link. 
120 Hie Care Bears. 220 The Human 
Factor. 220 “ Battle of Britain “ star- 
ring Michael Caine, Kenneth Mora. 
Laurence Olivier and Susannah York. 

420 Knights Of God. 520 Bullseye. 

5.30 Sunday Sunday. 620 News. 640 
Appeal. 646 Highway. 7.16 Child's 
Play. 746 Cloud Waltzer. 9.45 News. 

10.00 The Now Statesman. 10.30 Jacob 
Epatefn: Rebel Angel. 11.30 LWT Newa 
Headlines followed by American Docu- 
mentary. 1220 am Mary 120-320 
Night Network. 

CHANNEL 4 

925 am Movie Mahal. 10.00 Equinox: 
Prisoner ol Consciousness. 11.00 The 
Walton a. 1200 Network 7. 2.00 pm 
Chip*' Comic. 220 The Peugeot Talbot 
Westminster Mile. 3.10 All Ireland 
Football Final. 520 World of Animation, 

5.15 Newa Summary followed by The 
Business Exchange. 

8.00 American Football. 7.16 Battle 
for the Pis net. 8.15 The Soldiers' Tale. 

9.15 The . Old Crowd. 1025 Cycling: 
The Kellogg’s Grand Prix of West- 
minster. 1120 ** Criminal Conversa- 
tion." 


Cartoon Tima. 145 Link. 220 ** Crash 
Dive, *' starring Tyrone Power. Dana 
Andrews end Anne Baxtad. 520 
Highway To Heeven. 620 Bullseye. 

11.30 Nimrod . The Mighty Hunter. 


Grand Prix). 13.00 Film: " Carlton. 
Browne of the F.O." (Peter Sellers 
end Terry-Thorns* Star). 420 Beetho- 
ven.: Daniel Barenboim play* the last 
Plano Sonata. No 32 In C minor. 520 
Sunday Grandstand (PaR 2) ineluding 

5.00 Motor Racing/Wner Skiing (The 
Portuguese Grand Prix/The 1987 KP 
World Water-SklinO Championships). 

6.0 Golf. A look back at Britain's 
1BB5 Ryder Cup victory end forward 
820 It's Gerry Shanthing'a Show, 
to the next an counter. 6.15 Dane (The 1 
Unipart Professional Championship)., 

7.15 On the House. 720 The Great 
Philosophers. 0.36 The Natural World 
92 The Paul Daniels Magic Show. 
10.10 Grand Prix (The Portuguese 
Grand Prt*)- »26 Film; "Vigil." 
12-06-1-50 em. Dens (The Unipert 
British Professional Championship). 


54C WALES 

10.00 em In and Out of Afrlea. 11.00 
The Walton*. 12.00 Network 7. 220 pm 
Great — Isambard Kingdom Brunal. 
220 Tha Peugeot Talbot Westminster 
Mile. 3.10 All Ireland Football Final. 

5.00 World of Animation. 6,16 Business 
Exchange. 8.00 American Football, 720 
Nawyddicn. 720 Caryl. 8.00 Derli- 
thaedd Y Ponton. 820 Cwfwm. 9 M 
St Elsewhere. 10.00 Feature Film: 
" The Men Who Would Be King (etara 
Seen Connery end Michael Ceine). 

IBA Regions as London except 
at the following times: 


CENTRAL 

025 am Elmer Fudd— Whet's My 
Lion? 120 pm Central Poet 1.10 Central 
Newa. 120 Here end Now. 220 "George 
and Mildred." starring Yoothe Joyce 
and Brian Murphy. 4.10 Cartoon Time. 
520 Highway to Heaven. 6.00 Bullseye. 
525 Central News. 1120 Prisoner Cell 
Block H. 1225 em Donahue. 1.25 
Thriller Classic: " The Man Who Could 
Cheat Death.” 320 Central Newa 
followed by Central Jobfinder. 

CHANNEL 

- 925 am Today’s Weather. 926 Sort- 
ing Point. 920 Felix the Cat. 120 pm 
Link. 1.16 Las Franca Is Chea-Vousi. 
120 Enterprise South. 220 *’ Creek 
Dive." 420 Bullseye. 520 Knights of 
God. 6.30 Sunday Sunday. 

GRAMPIAN 

925 Cartoon. 11.00 Hones For 
Courses. 1120 Inquisition — Rt Rev 
Frank Sargent Bishop of Stockport 

1.00 pm Farming Outlook. 120 Space- 
watch. 1.45 Link. 6.00 Scots port 520 
Bullseye. 1120 A Song For Ireland. 
1220 em Reflections. | 



ULSTER 

925 sm Cartoon Time. 12.88 pm 
Ulster Nawstime. 1.00 Ask Anna. 1.15 
link. 720 Advice with Anna Heifae. 
126 Farming Weather. 5.00 Finding 
Fax Future. 6.00 Bullseye. 628 Uletei 
Newstlme. 9.87 Ulatar Newstime. 1120 
Sport* Reeulta. 1126 The Silk Road. 
1220 am Ufa tor Newstlme. 

YORKSHIRE 

825 am Cartoon Time. 1.00 pm 
Smuifa. 120 Farming Diary 
followed by farming and Inahora 
weather. 220 "Craah Diva," starring 
Anne Baxter. Tyrone Power and Dana 
, 620 Randall end Hopfclrlc 
(Deceased) . 6.00 Bullseye. 1120 

Mighty. Hunter. 
W20 am Five Minutes. 12& Job- 


Rachel Roberts in The 
Old Crowd; C4, 9.15 pm 


Stereo on VHF . 

BBC RADIO 2 

*2 Bps" says "Good 
Moni'ng Sunday.” 925 Melodies For 
„® u ‘ Desmond Carrington with 

your Radio 2 all-time greats. 240 pm 
Stuart Hall’s Sunday Sport Including 
JSS (Thfl Pomigueaa Grind 

H** ***■«»* Telbot 


GRANADA 

925 am Cartoon, . 120 pm Members 
Only. 1J& This la Your Right. 125 
Aap Kaa Hek. 140 Link. 220 " Crash 
Dive," starring Tyrone Power and 
Dana Andrew*. SJO The Love Boat. 
620 Bullseye. til. 30 " An Honourable 
Murder." earring Noitnan Woolend and 
Margarata Scott. 


I « no rmigaor ISIBOt 
WMtm'nater Mile): Gold (Tbe Lan- 
KL PooMiali (Newcastle 

United v Liverpool); American Foot- 
5!L1 t J b Budwsissr Bowl from Loftus 
2?i d * U>"6on). 5.00 Charlie Chaster 

J'® you ^ Sunday Soapbox. 7.00 Tha 
Random Jottings of Hinge and Bracket. 
T20 Ivor. 820 Sunday Ha H-Hour. 9.00 
Z° v r Hundred Boat Tunes. 1025 Songs 
prom tha Shows. 1045 Howard- Blake 

Lkk T Wn ?: 1100 So«*n«l* ol Jaa 
with Tony Russell. 140 am Patrick 


and Dana Andrews, 420 Garden* For 
All. 5.00 Knighra Of God. 620 Look- 
ing Back With Kenneth - MacLeod. 5.00 
Bullseye. 625 TSW News. 11.30 The 
Silk Road. 1225 era Postscript Post- 
bag. 


LONDON 

626 sm TV -am Braekfeet Programme. 
S2S Wake Up London. 925- Sunday 
At -No 73. 10,00 No 73. 1020 The 
Adventures « Black Beauty. lUOO 
Morning Worship. 1200 Weekend 
World. MO pm LWT Newa Hoad- 


ANGLIA 

925 am Sunday at No 73 followed 
by Elmer Fudd. 9.35 He-Man and the 
Masters of th* Universe. 1.00 pm 
Link. 1.15 Marionette. 12B Weather 
Trends. 120 Farming Diary, 220 
Film: "Craah Diva.” 520 Man In A 
Subcase. BOO Bullseye. 


HTV 

925 am Sunday at No 73 followed 
by Cartoon. 1.00 pm HTV News. 1.05 
West Country Farming followed by 
Weather for Farmer*. 125 Cartoon 


Time. 146 Link. 6-00 Highway to 
Heaven. BOO Buliaay*- 525 HTV New*. 
1120 Downtown. 


925 am Elmer Fluid.. 120 pm Link. 

1.15 Action! 127 TVS Weather Includ- 
ing news for farmers. 120 Enterprise 
South. 420 Bullseye. 5.00 Knights 
Of God. 


BORDER 

I 926 am- Elmer Fodd. 14D pm Farm- 
ling Outlook. 120 Border News. 125 


SCOTTISH 

925 em Look And Sea. 120 pm 
Action- South West. 1.B Fanning 
News. 145 Link followed by South 
West Link. 220 The Sunday Matinee; 
“ Craah Dive ** starring Tyrone Power 


TSW . . 

925 sm Hello Sunday. 1.00 pro 
Farming Outlook. 120 Tha Beptnairfa 
Child. .145 (ink, 220 " Crash-Dive" 
suiting Tyrone Power. -520 Who's tit* 
Bom? 5.30 Northern Ufa Sunday Edi- 
tion. 6X0 Bofteeye. 1120 Show Ex- 
press. 1200 Epilogue. 


, - — » m ratnex 

BBC RADIO 3 


Sm™ 7XS Mendelssohns 

fin « Si*"* 0p W Plane Trio 
2" ®* 8 -°° World Service New*. Rio 
S’" 018 920 Newa. 925-, Your 

Oioteg. .1Q.30. -Music '.Weekly. 
wm Ma,eol w Blnne,. piano recital. 
p~JT Baroque Music From 

Parla - J111 Wdinen (soprano) with the 
““•mtofe Philomel; Catnpra (Cantata), 


sSr 2a S-"— 

SSk-W -SS|* 

ve^Readmg): 3 i“_Brahme fpia no Con- 
Oboe eml 5 r ‘. tfSh M “* ic *° r 

tSUSXA 

sr.s: bms gJhs 

2 hnhJfpS"n 22 Wifcotoli 

Production. Hildegard 

Sr' “*r - “isss 

» -■pSa.sLsp 

Whose Funeral March? I^rthe, a- 
from Mann's book). 825 
Goturdemmerung,** 3 ’ . >jc 

JESTS 9 «wfi5 

WfiEV? 1 * Nigel rS,. 1 ®! 
N -th*rn Qmfonia. 11.57-1200 New*. 

BBC RADIO 4 - 

7 A 0 ?, 7-10 Sunday Papers. 

Th* 7 -*» Sun^.7 e3) 

mo Hats' 

^ as^rsya Au, s^a 

QuSS^-nma***'**. 2 - 00 

a raTa, tsjsr ■ n r m 

SWobSTr; Oown Your Way. EJSO 
Shipp, ng Fonromt- S.SS Weether. BOO 

iXnr. 6 ’ 1 R 5 -M M ? r * W,EaUlB a Than 
merit ^7 •hternetlonal Assign - 

tarMexafSJ*i? Coum Monte' Cristn 
£* D !PH» («)..B2B-A Good 

pSntSL 0 *!-^ -*• Gnsmiat 
OpaS-dungluJ MB 
Jure^i »;16 Y«r -rt»e 

jjJSj" 1 * 1401 124XM242 «■ 





qualified on points. And be said: 
“If I bad been able to choose 
all 12 players, these would be 
the ones I would have picked, 
which is a marvellous state of 
affairs.” '' 

Gordon Brand Jun and Otaza- 
bal are tbe two newcomers to 
Ryder Cup play, while Ire- 
land's Eamozux Darcy, who also 
was not on the victorious 2985 
team, gained valuable exper- 
ience in the 1975, 1977 and 1981 
matches. Darcy showed his 
mettle by holding onto his ninth 
place in the points table for no 
fewer than nine agonising 

What and who are the Euro- 
peans up against? A capacity 


crowd, baying for blood (as did 
the British at The BelfryMora 
start. For the first time ever in 
America, 25,000 tickets have 
been sold. which speaks 
volumes, since die American 
football season will be in full 
swing. 

There are five newcomers on 
the American side; US Open 
champion Scott Simpson, US 
Masters’ champion Larry Mize, 
Payne Stewart. Dan Pohl 
and Mark Calcavecchia. Slut 
the other seven members of 
the American team are. seasoned 
veterans, four of whom, Lanny 
Wadkins, Curtis Strange. Hal 
Sutton and Tom Kite, have 
been thirsting for revenge since 
suffering defeat at The Belfry. 

But the qualification of Larry 
Nelson, by virtue of his play- 
off victory over Wad kins in the 
recent USPGA championship, 
may be the trump card that 
turns the match in America's 
favour. Nelson's Ryder Cup 
record of nine wins and 
not a single defeat in two 
appearances is easily the best 
in the history of the series. In 
fact the only other unbeaten 
player who competed more than 
once is the late Jimmy Demaret 
who won six times in three 
matches In 1947, 1949 and 195L 

Nelson was absolutely 
devastating in the first two 
matches involving Europeans in 
1979 and 1981. He and his part- 
ner Wadkins won four times in 
1979, three times beating 
Ballesteros end his countryman 
Antonio Garrldo. Nelson then 
beat Ballesteros In his singles 
match. In 1981 he won three 
points but of three in team 
play, one with Lee Trevino and 
two alongside Kite; before beat- 
ing Mark James in singles com- 
bat. 


^- !s ~ 


jC • - - 


✓-sS* ' > : "- 






•’■-icr.-jv 






-3 *> s 


■Vh,